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SK to Add Second EV Battery Plant in Hungary

Seoul-based battery maker SK Innovation Co, plans to build a second factory in Hungary to supply batteries for electrified vehicles.
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Seoul-based battery maker SK Innovation Co, plans to build a second factory in Hungary to supply batteries for electrified vehicles.

The South Korean company, which already supplies batteries to BAIC, Daimler and Volkswagen, plans to begin making batteries at its first plant in Hungary in early 2020. The 840 billion-won ($751 million) facility eventually will have annual capacity of 7.5 gigawatt-hours.

Reuters cites a regulatory filing that indicates SK’s new factory will cost 945 billion won ($845 million). The filing does not indicate the facility’s completion date or production capacity.

SK declared in December that it aims to multiply its global battery capacity more than tenfold by 2022. The company hopes its battery business will break even in 2020.

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