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Samsung SDI - Weak oil prices won't hurt long-term electric vehicle outlook

Published 26/01/2015, 07:50
© Reuters.  Samsung SDI - Weak oil prices won't hurt long-term electric vehicle outlook
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SEOUL (Reuters) - Samsung SDI Co Ltd (KS:006400) does not expect the slump in global oil prices to dent the long-term growth prospects for electric vehicles, an executive at the South Korean firm which makes batteries for these cars said on Monday.

"The growth in electric vehicles until 2020 will come in response to various regulations being imposed by key governments in the United States, Europe and China as opposed to economic benefits like oil prices," said Samsung SDI Senior Vice President Kim Jeong-wook.

South Korea's Samsung SDI, which trails rival LG Chem (KS:051910), supplies electric vehicle batteries mainly to BMW.

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