SK Innovation Announces Second Lithium-Ion Plant in China
SK Innovation, a South Korean energy and chemical company, intends to build a second lithium-ion battery plant in China at a cost of $654.5 million ($488.3 million USD).
SK Innovation, a relative latecomer to the EV battery market, has been investing aggressively to increase production capacity globally. In the last year, they have started construction on new factories in Hungary, China and the United States.
The final market for batteries produced at the new plant was not defined. EVs with South Korean-made batteries are not currently eligible for government subsidies in China, the biggest EV market in the world. China currently plans to phase out EV subsidies by 2020 which would open the market.