'Carmakers Scramble to Calm Revolt Against EVs in South Korea After
Battery Fires'

<https://www.breitbart.com/tech/2024/08/17/carmakers-scramble-to-calm-revolt-against-evs-in-south-korea-after-battery-fires/>

'Mercedes-Benz and BMW have reportedly disclosed the names of their
electric vehicle battery suppliers in South Korea, following a recent EV
explosion that triggered widespread revolt against electric vehicles.

Bloomberg reports that the South Korean units of Mercedes-Benz Group AG
and BMW AG have taken a significant step towards transparency by
revealing the names of their electric vehicle (EV) battery suppliers on
their websites. This rare disclosure comes in the wake of an incident
where an unplugged electric Mercedes-Benz sedan caught fire at an
apartment complex in Incheon, South Korea, earlier this month. The
explosion led to the evacuation of 200 families and sparked calls for
stricter government measures on EV safety.

Typically, automakers around the world keep information about their
battery suppliers confidential. However, the growing fears over EV
safety in South Korea have prompted Hyundai and Kia to share the names
of their battery makers in recent days. The German carmakers,
Mercedes-Benz and BMW, have now followed suit as the government plans to
hold a joint meeting with automakers to discuss short-term measures to
prevent further EV fires.

Although Mercedes did not specify which company manufactured the battery
in the car involved in the fire, local media identified it as China’s
Farasis Energy. The transport ministry has advised Mercedes to conduct a
special inspection of the vehicle in question. In response,
Mercedes-Benz Korea announced that it will offer free inspections for
all of its EV models starting from Wednesday. Additionally, the company
plans to donate approximately 4.5 billion won ($3.3 million) to help
residents affected by the explosion, even as the investigation into the
fire continues.

Farasis Energy, ranked 15th among global battery makers according to a
BloombergNEF estimate of manufacturing capacity between 2023-2025, began
supplying batteries to Mercedes-Benz in 2018 as part of an eight-year
contract. In 2020, the German carmaker became a strategic investor in
the company. However, Farasis did not immediately respond to requests
for comment regarding the recent incident.

Yoon Joonwon, a fund manager at DS Asset Management Co. in Seoul,
commented on the situation, stating, “It’s difficult to tell at this
point whether Farasis batteries are the problem, but there’s a general
sentiment that the risk is higher with smaller battery makers than major
producers like CATL or Korean makers. Until the issue is resolved,
consumer sentiment toward EVs is expected to remain deteriorated for
some time.”

>'Carmakers Scramble to Calm Revolt Against EVs in South Korea After
>Battery Fires'

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