China rapidly emerged as the largest global market for electric vehicles and is poised to see further growth with plug-in vehicle mandates coming next year. However, despite a technological advantage, South Korean and Japanese battery manufacturers have been pushed out of market by Chinese firms benefiting from protectionist policies that don't allow plug-in vehicles powered by batteries from foreign-owned companies to qualify for subsidies. Factories from Samsung SDI and LG Chem faced severe underutilization, while SK Innovation dissolved a joint venture with BAIC, now one of the more promising EV manufacturers in the country. However, foreign manufacturers are returning as Panasonic and LG Chem both expand in China.
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