SK Innovation set to double electric car battery lines

SK Innovation, the country’s top oil refiner, said Monday that its board of directors has approved a proposal to double the company’s electric vehicle battery production capacity in order to meet growing demand.

The proposal calls for the construction of two EV battery production lines, which will churn out EV cells with a combined 2 gigawatt hours, larger than its current 1.9 gigawatt-hour capacity. The construction of the two production lines in Seosan, South Chungcheong, will be completed by the first half of next year, with operation starting before the end of next year.

In 2015, SK Innovation already doubled its EV battery-making capacity. The company said it already has an order backlog that will keep it busy for seven years.

SK Innovation has been pushing into the EV battery business since 2008 by expanding its global outreach as part of efforts to find a new income source. The company provides lithium-ion batteries for electric cars produced by Kia Motors and China’s state-run Beijing Automotive Industries Holdings. YONHAP