South Korea SK to invest $ 2.5 billion to build new electric vehicle battery factory in China

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The company announced in September that it plans to build a new battery factory in China with an initial investment of 1.2 trillion won ($ 1.01 billion).

The battery unit of South Korean company SK Innovation Co Ltd plans to invest $ 2.53 billion to build a new electric vehicle (EV) battery plant in China, Yancheng News reported on Thursday, supported by the Chinese local government.

SK On, a wholly-owned subsidiary of SK Innovation, which supplies electric car batteries to Ford Motor Co, Volkswagen and Hyundai Motor Co, among others, has battery production sites in the United States, Hungary, China and in South Korea.

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SK Electric car batteries are supplied to Ford Motor Co, Volkswagen and Hyundai Motor Co, among others.

The company announced in September that it plans to build a new battery factory in China with an initial investment of 1.2 trillion won ($ 1.01 billion).

“SK On has built (battery) factories in the United States, China and Hungary as a growth strategy after securing battery orders in the global market,” SK On said in a statement.

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SK On last week it was said to have an order book of around 1.6 terawatt-hour (TWh) of batteries worth around 220 trillion won, which could power around 23 million electric vehicles.

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