Lee Dong-chae, the founder and former chairman of EcoPro, has pledged to accelerate the company’s Indonesian cathode manufacturing joint venture with China’s GEM to address challenges arising from the ongoing electric vehicle slowdown.

According to EcoPro on Sunday, Lee said in his recent New Year Address, “We could be in a life-or-death situation if we fail to find a path to overcome the current crisis. Without a complete transformation across all management sectors, the company might not survive.”

As part of the three key strategies for 2025, Lee highlighted the joint venture construction project in Indonesia with GEM, which is set to be completed by the first quarter. Under the project, EcoPro aims to supply cathode materials to battery cell companies and automakers by procuring critical minerals like nickel locally at significantly lower costs than its rivals. The company is also expected to strengthen its foothold in the global cathode material market by leveraging its top-tier high-nickel technology.

Lee stressed that only companies offering exceptional technology and competitive pricing could venture into the US, Europe and other global markets.

EcoPro also plans to move forward with the merger of its two subsidiaries — EcoPro CNG, a recycling unit, and EcoPro Innovation, a lithium processing arm. This initiative aims to prepare for the expected surge in demand for electric vehicles once the current sales slump concludes.

In addition, the company will accelerate the outsourcing of research and development for basic battery-related technology while integrating its capabilities for market-leading technologies. It is currently working to set out a roadmap for technological cooperation with domestic and overseas industries as well as local universities.