South Korean battery makers LG Energy Solution, Samsung SDI and SK On have supplied batteries for roughly 8 out of 10 electric vehicle models eligible for US tax credits, industry sources said Thursday.

Of the 22 electric vehicles, 17 models have installed Korea-made batteries, with LG Energy Solution topping the list with 11 models. LG’s list includes GM’s Cadillac Lyriq and Chevrolet Volt, Volt EUV, Equinox, Silverado and Blazer; Chrysler’s Pacifica PHEV. Ford counts the E-Transit, Mustang Mach-E Extended Range and Standard Range. Lincoln has the Aviator Grand Touring.

Samsung SDI produces batteries for Escape Plug-in Hybrid, Jeep’s Grand Cherokee PHEV 4xe and Wrangler PHEV 4xe and Lincoln’s Corsair Grand Touring, while SK On supplies Ford’s F-150 Lightning Extended Range and Standard Range.

Industry insiders say LG Energy Solution’s first mover effect in setting up production bases in the US has been a crucial driver to its stellar performance.

“Early business ties with GM has given an upper hand for LG Energy Solution, outpacing Samsung SDI and SK On in expanding its manufacturing facilities in the US,” said Park Cheol-wan, a car engineering professor at Seojeong University. “Its US production capacity after 2026 is estimated at around 350 gigawatt-hour, which can be installed in around 4 million units.”

LG Energy Solution and SK On, in particular, would enjoy quarterly tax credits worth 100 billion to 200 billion won ($75.5 million-$151 million) tied to the Advanced Manufacturing Production Credit provision in the US Inflation Reduction Act, he added. Battery makers can receive $35 per kilowatt-hour when they produce battery cells in the US, with an additional $10 per kilowatt-hour for modules.

“SK On might turn profit this year -- faster than expected -- because it is the battery manufacturer for the popular F-150 Lightning pickups. They belong to F-series truck models, which sell around 800,000-900,000 units annually,” Park said. SK On early this year announced it expects to log its first profit by 2024.

According to data from market tracker FnGuide, LG Energy Solution’s operating profit is estimated to skyrocket by 144 percent to 2.9 trillion won this year and jump 283 percent to 4.6 trillion won by 2024. Mirae Asset Securities projected SK On to generate 4.9 billion won in profit this year.

Samsung SDI, on the other hand, is expected to wait longer to see a breakthrough in the all-important US market, according to Park.

“The company is only providing batteries to plug-in EVs which are smaller than those in fully electric cars. Selling three to four plug-in models would be equivalent to generating profit from selling a Chevrolet Volt,” he said.