SK breaks ground on China plant for battery materialsSK Group, the nation’s third-largest conglomerate, has broken ground for a plant in China’s southwestern city of Chongqing to produce cathode materials for lithium-ion batteries used in consumer electronics products and electric vehicles, in a bid to tap rapidly growing demand in China, officials said Thursday.
SK China, the Chinese subsidiary of SK Group, started constructing the plant this week in the Chinese city’s Two Rivers New Zone, which was designated in 2010 as the development base for the manufacturing and service industries in inland China, the municipal government said.
The new plant, to be built with initial capital of $100 million, will have an annual capacity of 9,600 tons of cathode materials, which can be used to produce 42 million lithium-ion batteries for laptop computers or 3.2 million lithium-ion batteries for electric vehicles.
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