South Korea’s SK Innovation aims to enhance its battery production capacity to 200 gigawatt-hours (GWh) in 2025, up 60 percent from its previously announced 125 GWh of batteries.
SK Innovation, with battery production sites in the United States, Hungary, China and South Korea, currently has an annual capacity of about 40 GWh of batteries.
Sales of battery-powered electric cars are expected to have reached nearly 2.5 million in 2020 and are set to rise by 70 percent in 2021, according to IHS Markit.
The South Korean battery maker said it has more than 130 trillion won ($115 billion) worth of battery orders, which is more than 1 terawatt hours (TWh) worth of batteries, which could power about 14 million electric vehicles.