SEOUL, April 20 (Korea Bizwire) — SK Innovation Co., a major energy and chemical company in South Korea, said Monday that it will supply electric vehicle (EV) batteries to its Chinese partner, Beijing Automotive Group (BAIC Group).
BAIC’s MARK 5, set to be released in the second half of this year, will be powered by EV batteries being produced at BEST, SK Innovation’s first EV battery cell manufacturing plant outside South Korea.
The Mark 5 EV can travel up to 500 kilometers on a single charge.
SK Innovation invested 1 billion yuan (US$141 million) in 2013 to set up an EV battery joint venture named BESK with Beijing Automotive Group and Beijing Electronics to tap deeper into the world’s largest EV market.
BEST is BESK’s wholly owned subsidiary.
BEST’s annual production capacity is 7.5 gigawatt hours (Gwh), which is enough to supply batteries for 150,000 EVs.
SK Innovation owns a 49 percent stake in BEST, with the rest held by Beijing Automotive Group and Beijing Electronics.