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SK Innovation builds electric car battery for 700 km in single charge

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Tinuku ~ SK Innovation plans to focus on electric car battery technology to strengthen competitiveness and strengthen its core business. South Korea's largest petroleum company announces the production of electric car batteries that allow vehicles to cover 700 kilometers with a single charge in 2020.

Tinuku SK Innovation builds electric car battery for 700 km in single charge

SK Innovation as South Korea's largest petroleum company announces that the company will continue to improve its competence and partner with other global players to build a future business in the electric car battery industry.

"We will continue to pursue change by focusing on the rapidly growing auto battery industry," said SK Innovation CEO Kim Jun, May 23, 2017.

The company is currently building two production lines in Seosan which will each add 1 GWh with a total of 3.9 GWh. Development is expected to be completed in the first half of 2018. They are also looking for construction sites for production lines in Eastern Europe later this year.

The company also plans to develop batteries that allow electric cars to run 500 kilometers in 2018 and 700 kilometers by 2020 with a single charge. The company currently supplies lithium-ion batteries for electric cars Hyundai Motor, Mercedes-Benz and Kia Motors.

"We will be cautious in developing the battery business, but we will take an aggressive approach by increasing our production capacity and strengthening our sales network," Jun said.

SK Innovation has a 30 percent projection of the global electric car battery market by 2025 that will grow more than 300 gigawatt hours (GWh) or up from 25 GWh by 2016. One GWh is equivalent to a battery for 40,000 electric cars a year.

"The electric car battery market will be dominated by some players with technological prowess and mass production capabilities.We want to be one of them," Jun said.

"We have become one of the global leaders in technology. We will increase our production capacity and more orders from car makers and we target 10 percent of global demand by 2020 and 30 percent by 2025," Jun said.

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