Report: SKI Plans 2nd EV Battery Plant in China
South Korea’s SK Innovation Co. plans to construct a $1.1 billion battery plant in Yancheng, China.
Business Korea says the facility is expected to primarily supply a new Kia Motors Corp. joint venture factory in Yancheng. That plant, which is co-owned by Kia, Dongfeng Motor and Yueda Group, will focus on electrified vehicles.
Last year SKI broke ground on its first battery plant in China. Located in Changzhou, the $744 million facility has an annual capacity of 7.5 GWh. SKI also is adding battery sites in the U.S. and Hungary.
Formed in 2005, SK is Korea’s largest oil refiner. The company launched its battery business in 2008.
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