S.Korea's SK On to invest $2.5 bln to build new EV battery factory in China -govt media

4 weeks ago 46

The logo of SK Innovation is seen successful beforehand of its office successful Seoul, South Korea, February 3, 2017. REUTERS/Kim Hong-Ji

SEOUL, Nov 4 (Reuters) - The artillery portion of South Korea's SK Innovation Co Ltd (096770.KS) plans to put $2.53 cardinal to physique a caller electrical conveyance (EV) artillery mill successful China, China's section authorities backed Yancheng News reported connected Thursday.

SK Innovation's wholly-owned artillery subsidiary SK On, which supplies electrical car batteries to Ford Motor Co (F.N), Volkswagen (VOWG_p.DE) and Hyundai Motor Co (005380.KS) among others, has artillery accumulation sites successful the United States, Hungary, China and South Korea.

The institution had said successful September it planned to physique a caller artillery mill successful China with an archetypal concern of 1.2 trillion won ($1.01 billion).

"SK On has been gathering (battery) factories successful the United States, China and Hungary arsenic a maturation strategy aft securing artillery orders successful the planetary market," SK On said successful a statement.

SK On said past week that it has an bid backlog of astir 1.6 terawatt hours (TWh) of batteries worthy astir 220 trillion won, which could powerfulness astir 23 cardinal electrical vehicles.

($1 = 1,183.4000 won)

Reporting by Heekyong Yang and Brenda Goh; Editing by Kim Coghill

Our Standards: The Thomson Reuters Trust Principles.

Read Entire Article