The company said in September that it planned to build a new battery factory in China with an initial investment of 1.2 trillion won ($1.01 billion).
China’s local government-backed Yancheng News reported Thursday that the battery arm of South Korea’s SK Innovation Co Ltd plans to invest $2.53 billion to build a new electric vehicle (EV) battery factory in China.
SK ON, a wholly owned battery subsidiary of SK Innovation, which supplies electric car batteries to Ford Motor Co., Volkswagen and Hyundai Motor Co., has battery production sites in the United States, Hungary, China and South Korea.
SK ON supplies electric car batteries to Ford Motor Company, Volkswagen and Hyundai Motor Company, among others.
The company said in September that it planned to build a new battery factory in China with an initial investment of 1.2 trillion won ($1.01 billion).
“SK ON is building (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 said last week that it has an order backlog of about 1.6 terawatt hours (TWh) of batteries, worth about 220 trillion won, that could power about 23 million electric vehicles.
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