SK Innovation to expand battery investments in Europe with third plant in Hungary
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Image: SK Innovation
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South Korea’s SK Innovation is to build the company’s third electric vehicle battery manufacturing plant in Hungary at a total investment cost of $2.29bn (£1.7bn).
Construction of the 700,000 sq metre plant at Iváncsa, about 50km southwest of Budapest, is set to start in the third quarter of this year and end in 2028.
The lithium-ion battery maker said the plant will have an annual production capacity of 30GWh and be its largest such investment in Hungary to date. Additional funds could be raised through external financing if needed, the company said.
CEO Kim Jun said the latest project would see the company move further towards its goal of becoming "a leading global company in the global EV industry”.
'Green-centred policy'
He told the company’s board investments in the battery industry would be at the core of its "green-centered deep change” policy.
SK Innovation’s first and second plants are to the north of Budapest, in Komárom. The first plant has an annual capacity of 7.5GWh and started commercial production in the first quarter of 2020. The second, 9.8GWh plant is under construction.
Volkswagen, Ford and Hyundai are among SK Innovation’s existing EV battery customers.
Last December, SK Innovation confirmed it would start pilot production at its first EV battery plant in the US state of Georgia in the first half of 2021.
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Construction of the 700,000 sq metre plant at Iváncsa, about 50km southwest of Budapest, is set to start in the third quarter of this year and end in 2028.
The lithium-ion battery maker said the plant will have an annual production capacity of 30GWh and be its largest such investment in Hungary to date. Additional funds could be raised through external financing if needed, the company said.
CEO Kim Jun said the latest project would see the company move further towards its goal of becoming "a leading global company in the global EV industry”.
'Green-centred policy'
He told the company’s board investments in the battery industry would be at the core of its "green-centered deep change” policy.
SK Innovation’s first and second plants are to the north of Budapest, in Komárom. The first plant has an annual capacity of 7.5GWh and started commercial production in the first quarter of 2020. The second, 9.8GWh plant is under construction.
Volkswagen, Ford and Hyundai are among SK Innovation’s existing EV battery customers.
Last December, SK Innovation confirmed it would start pilot production at its first EV battery plant in the US state of Georgia in the first half of 2021.
Related articles in our archive:
SK Innovation set to start pilot EV battery production in Georgia as investment ramps up
Europe now 'battery investment hotspot', says EU's Šefčovič