Daejoo expects surging revenue with new plants

Growing demand: Researchers testing battery cells with silicon oxide at a Daejoo factory in South Korea. The company plans to boost production capacity to make enough components for about four million EVs annually by 2025. — Bloomberg

SEOUL: A South Korean battery-part maker for Porsche’s Taycan sports car is targeting a 100-fold increase in revenue from silicon anodes by the end of this decade, betting automakers will keep pursuing better performance for electric vehicles (EVs).

Daejoo Electronic Materials Co anticipates revenue from its silicon anodes used in EV batteries will rise to three trillion won (US$2.3bil or RM11bil) by 2030, up from 26.6 billion won (RM95mil) in 2022, according to chief executive officer Il-ji Lim.