SEOUL, Sept. 27 (Korea Bizwire) – SK Innovation Co., a major electric vehicle (EV) battery maker in South Korea, will establish a joint venture to produce EV batteries in China, industry sources said Friday.
According to the sources, Chinese battery firm EVE Energy Co. has approved a plan to set up the EV battery joint venture with SK Innovation in China, seeking to invest US$525 million in the company.
The 50:50 joint company in China will have annual production capacity of 25 gigawatt-hour (Gwh), according to the sources.
SK Innovation announced in May it will allocate 579.9 billion won (US$482 million) to build its second EV battery plant in China.
SK Innovation currently operates an EV battery plant in Changzhou, east China, in addition to facilities in South Korea, the United States and Hungary.