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SK Innovation to invest $1 billion in a new battery factory in China – ET Auto

The investment comes as global automakers shift to electric vehicles (EV) to comply with environmental regulations, leading to increasing demand for EV batteries.

SEOUL: South Korea’s SK Innovation Co Ltd said on Wednesday it will invest 1.2 trillion won ($1.04 billion) in a new battery factory in China.

The investment comes as global automakers shift to electric vehicles (EV) to comply with environmental regulations, leading to increasing demand for EV batteries.

The South Korean battery maker, 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.

SK Innovation did not provide details of its planned new battery factory in China.

In July, SK Innovation said it would aim to increase its annual battery production capacity to 200 gigawatt-hours (GWh) in 2025, up 60% from a previously announced goal of 125 GWh. Its current capacity is 40 GWh.

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The Centre recently approved a PLI scheme on such batteries. The scheme outlay of Rs 18,100 crore is intended to establish 50 Giga Watt Hour (GWh) of advanced cell chemistry and 5 GWh of niche advanced cell chemistry.

The first plant with world-class safety standards will be set up in Thervoy Kandigai, Gummidipoondi, near Chennai. The plant is expected to begin commercial production in the second half of 2023, a joint statement said.

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