SK Innovation plans new plant in China

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SK Innovation plans new plant in China

SK Innovation announced Wednesday it will invest more than 550 billion won ($462 million) to build a new electric vehicle battery plant in China.

As global demand for electric vehicles increases, the company said it will invest 579.9 billion won in the new play in a bid to become a leader in the rapidly growing market.

The location and capacity of the upcoming plant are still undecided.

As a latecomer to the battery market, SK Innovation has been investing aggressively. It started building its first battery plant in Hungary in March last year and its second plant in the country in February. Construction for a plant in Changzhou, Jiangsu Province, in China began in August in collaboration with BAIC Motor Corporation and Beijing Electronics Holding. It has spent a total of 5 trillion won in total, according to the company.

SK Innovation plans to secure a production capacity of 60 gigawatt-hours by 2022, when the construction of production plants in Hungary, China and the U.S. state of Georgia is expected to be complete.

“We believe making timely investments is necessary to lead the rapidly growing electric vehicle battery market,” said a spokesperson for SK Innovation.

“We’ll continue to expand and make new facilities to be able to produce 60 gigawatt-hours by 2022.”

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