SK Innovation to invest $1 billion in a new battery factory in China
SEOUL (Reuters) -South Korea’s SK Innovation Co Ltd acknowledged on Wednesday it is going to invest 1.2 trillion gained ($1.04 billion) in a new battery factory in China.
The funding comes as worldwide automakers shift to electrical vehicles (EV) to regulate to environmental legal guidelines, essential to rising demand for EV batteries.
The South Korean battery maker, which supplies electrical automotive batteries to Ford Motor Co, Volkswagen and Hyundai Motor Co amongst others, has battery manufacturing web sites in the United States, Hungary, China and South Korea.
SK Innovation did not current particulars of its deliberate new battery factory in China.
In July, SK Innovation acknowledged it may objective to improve its annual battery manufacturing functionality to 200 gigawatt-hours (GWh) in 2025, up 60% from a beforehand launched purpose of 125 GWh. Its current functionality …