SK Innovation aims to upgrade EV battery by 2020SK Innovation said Sunday that it aims to develop a powerful electric car battery that would enable vehicles to travel 500 kilometers (310 miles) on a single charge by 2020.
The energy arm of SK Group said it will cope with current business trouble in China through its technological prowess and investment for future market demand.
SK halted operation of its battery packing plant in China in February as its business suffered in the face of Beijing’s move to stop a subsidy to electric vehicle makers that use parts from non-Chinese manufacturers.
“We’ve decided to tide over the difficulties arising from business suspension in China with the development of battery charging technology for long-distance EV driving and large-scale investment to prepare for the future market,” an official from SK Innovation said.
Its current technology allows electric cars to cover up to 350 kilometers on a single charge. The company will invest in upgrading the energy density of the battery to increase the capacity to 500 kilometers, the threshold for allowing electric cars to compete with conventional cars.
SK Innovation’s joint venture with two Chinese firms suffered from falling orders starting in the fourth quarter of last year after the Chinese government introduced a verification system for companies that produce electric car batteries.
More in Industry
Work at home is not as easy as it sounds, ministry says
[NEWS IN FOCUS] Spotify is still almost here, and seems to be getting closer
Korea Inc. calls on Suga to relax border restrictions
House-bound consumers awaken a sleeping industry