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

by Mike Robinson

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© Reuters. FILE PHOTO SK Innovation’s logo is seen front and center at the headquarters of Seoul in South Korea. February 3, 2017. REUTERS/Kim Hong-Ji

SEOUL (Reuters – South Korea’s SK Innovation Co Ltd has plans to spend $2.53 billion on a Chinese battery plant. Yancheng News, China’s local newspaper supported by Yancheng News, reported that the unit.

SK Innovation has a battery manufacturing site in South Korea, Hungary, China, and China. SK On is SK Innovation’s battery subsidiary. It supplies electric cars to Ford Motor (NYSE) Co, Volkswagen(DE:) and Hyundai Motor Co.

The company had said in September it planned to build a new battery factory in China with an initial investment of 1.2 trillion won ($1.01 billion) https://www.reuters.com/article/ctech-us-sk-innovation-battery-china-idCAKBN2FX2Z4-OCATC.

“SK On, after securing global battery orders,” SK On stated in a statement.

Last week, SK On reported that its order backlog was approximately 1.6 terawatt hour (TWh) in batteries. These batteries are worth around 220 trillion won. That could power roughly 23 million electric vehicle.

(1183.4000 Won = $11)

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