South Korea's SK On To Invest $2.5 Billion To Build New EV Battery Factory In China
Highlights
The battery unit 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, China's local government backed Yancheng News reported on Thursday.
SK Innovation's wholly-owned battery subsidiary SK On, 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 South Korea.
The company had said in September it planned to build a new battery factory in China with an initial investment of 1.2 trillion won ($1.01 billion).
"SK On has been 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.
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, which could power about 23 million electric vehicles.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Great Deals on Used Cars
View All Used Cars- 19,000 km
- Diesel
- Automatic
- 9,661 km
- Hybrid
- Automatic
- 25,000 km
- Petrol
- Manual
- 11,570 km
- Diesel
- Manual
- 13,915 km
- Diesel
- Automatic
- 18,809 km
- Petrol
- Automatic
- 55,000 km
- Petrol+CNG
- Manual
- 6,862 km
- Diesel
- Automatic
- 7,000 km
- Petrol
- Automatic
- 27,200 km
- Petrol
- Manual
Upcoming Cars
Upcoming Bikes
Explore More
Latest News
Related Articles
Trending Vehicles In India
- Home
- News
- Auto Industry
- South Korea's SK On To Invest $2.5 Billion To Build New EV Battery Factory In China