SK Innovation to invest $1.04 bn in a new EV battery factory in China

SK Innovation EV business

South Korea’s SK Innovation will invest 1.2 trillion won or $1.04 billion in a new electric vehicle (EV) battery factory in China.

The South Korean battery maker, which supplies electric car batteries to Ford Motor, Volkswagen and Hyundai Motor, among others, has battery production sites in the United States, Hungary, China and South Korea.

SK Innovation did not provide details of its planned new battery factory in China.

In July, SK Innovation said it would aim to increase its annual battery production capacity to 200 gigawatt-hours (GWh) in 2025, up 60 percent from a previously announced goal of 125 GWh. Its current capacity is 40 GWh.