IFeng Information reported on Thursday that South Korea’s SK Innovation Co., Ltd. plans to take a position $2.53 billion in development a brand new manufacturing unit for generating electrical automobile (EV) batteries.
SK Innovation is a subsidiary of SK Staff and began its trade in energy batteries in 2005. The company has been a big provider for Korean manufacturers like Kia and Hyundai. Since 2012, SK Innovation has supplied batteries for SLSAMGE-Cellular, the primary natural electrical automobile of Mercedes-AMG.
It has now constructed all the worth chain required for battery making, protecting electrodes, separation membranes, batteries and battery packs.
SK On, an entirely owned battery subsidiary of SK Innovation, has battery manufacturing bases within the U.S., Hungary, China and South Korea. SK On is the battery provider for EVs made through Ford, Volkswagen and Hyundai.
In September, SK On introduced plans to construct a brand new battery plant in China with an preliminary funding of one.2 trillion received (about $ 1.01 billion). Within the announcement, it stated that “after acquiring battery orders within the world marketplace, SK On will construct (battery) factories within the U.S., China and Hungary as a long-term expansion technique.”
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SK On stated closing week that its backlog of orders is set 1.6 terawatt-hours of batteries value about 220 trillion received, which will energy about 23 million electrical automobiles.