SK Innovation to build EV battery component plant in China

Lim Chang-won Reporter Posted : 2018-10-08 09:42 Updated : 2018-10-08 09:42
글씨작게 글씨크게

[Courtesy of SK Innovation]

SEOUL -- SK Innovation, a subsidiary of South Korea's third-largest conglomerate SK Group, has set up a wholly owned subsidiary in China to build a plant for key components of electric vehicle batteries.

The company said it would invest some 400 billion won ($353 million) in the plant in Changzhou in China's southeastern Jiangsu province to produce lithium-ion battery separators and ceramic coated separators. Construction is to begin in early 2019 for completion in the third quarter of 2020.

SK Innovation, a top refinery in South Korea, has bolstered its battery business to catch up with domestic rivals LG Chem and Samsung SDI. SK Group chairman Chey Tae-won has promised to nurture the group's battery business as a sustainable growth engine.

SK Innovation started building its battery plant in Changzhou after the construction of its first overseas plant in Hungary began in February. Last week, SK Innovation disclosed plans to build a new battery plant in the United States.