SK, Geely to cooperate on EV batteries

Industry

Published: 12 Jun. 2024, 15:28 Updated: 12 Jun. 2024, 16:16

SK, Geely to cooperate on EV batteries

Chey Jae-won, new executive vice chairman of SK Innovation, speaks at a forum in Seoul. [YONHAP]

SK Inc. joined forces with China’s Zhejiang Geely Holding Group to cooperate on EV batteries and auto parts, the Korean company said Wednesday.

The two will collaborate on various EV components under the agreement, including batteries and charging.

SK Inc. has various EV parts-related subsidiaries including SK On, a battery maker, SK Signet, which manufactures EV chargers, SKC, a battery materials company, and SK ecoplant, a battery recycling firm.

Established in 1986, Geely has around 10 auto brands under its arm including Geely Auto, Lotus and Volvo Cars as well as Polestar. Its combined car sales reached 2.8 million units as of last year, of which 980,000 were environmentally friendly vehicles like EVs and hybrids.

SK On inked a deal with Polestar in October to supply high-performance nickel-cobalt-manganese (NCM) batteries for EV maker's all-electric four-door Polestar 5 starting in 2025.

SK On has three manufacturing plants operating in China, with one slated to be open within the year.

The agreement was announced after Chey Jae-won, younger brother of SK Group Chairman Chey Tae-won, was appointed head of SK Innovation. The younger Chey had been leading SK On.

“Chey's global network played a key role in establishing cooperation between SK and Geely,” SK said.

BY SARAH CHEA [chea.sarah@joongang.co.kr]