S. Korea's SK Innovation to invest $354M in EV battery parts plant
Automotive News | 2018-10-9
SEOUL -- South Korea's SK Innovation plans to invest 400 billion won ($354 million) to build a China plant for key parts used in electric vehicle batteries.|
The factory will make separators for lithium ion batteries and ceramic coating. Construction is expected to begin early next year in the southeastern city of Changzhou, with production starting in the second half of 2020, the company said Sunday.
SK Innovation operates a factory in South Korea that produces the materials, which ensure stability and bolster EV power output.
"The decision [to build the plant] is to keep pace with global EV battery makers' capacity increases in China and Europe, and to cater to client demands for stable supplies," a company official said in a statement.
The announcement comes a week after SK Innovation, which owns South Korea's top refiner and a unit of the country's No.3 conglomerate, said it is considering building an EV battery plant in the United States.
In August, the company said it planned to build an EV battery factory in China by 2019, under a joint venture with BAIC Motor and Beijing Electronics. It is also building a battery plant in Hungary.
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