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SK Innovation setup $920 million for car batteries in Hungary

SK Innovation Co. announced US$920 million investment in electric car batteries in Hungary. South Korean oil company on Thursday said it plans to invest money to build EV batteries in Hungary and in expanding production facilities for similar products in Korea.

SK Innovation said it will set aside 840 billion won for a plant in Hungary which will begin construction in February next year. By 2020, the plant will be able to produce 7.5 gigawatt-hour batteries per year.

Tinuku SK Innovation setup $920 million for car batteries in Hungary

SK Innovation competes LG Chem and Samsung SDI who have entered the battery industry first to dominate global market share. At the recent SK decision, the three Korean battery makers have now advanced to Europe.

LG Chem is building a plant in Poland starting next year to produce 100,000 batteries per year. Samsung SDI is also expected to produce 50,000 in Hungary by 2018.

SK Innovation said the remaining 200 billion won would be used to expand the lithium-ion battery separator in Jeungpyeong, North Chungcheong Province and battery cells in Seosan, South Chungcheong Province.

"We decided to expand the plant for separators and battery cells due to the explosive growth of the global EV market and the solid demand for digital devices," said SK Innovation spokesman.

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