SK innovation is back in business with EV batteries

As their recent battle with the LG group to enter into the US market is settled. Sk Group is now gearing up with their entry into the US market.

SK Innovation to expand Georgia electric vehicle battery plant

Image credits-The Business Journals

SK innovation, owned by South Korea’s 3rd conglomerate, SK Group. Their fight with another Korean Conglomerate while entering the US market lasted for two years.

Eventually, under the leadership of Joe Biden, the fight finally ended. And the companies relying on the two major battery makers got to the safe side.

They finally broke the ground in Georgia. The investment in this manufacturing facility is $1.67 Billion. Located about 70 km from Atlanta, the facility is going to provide 2000 jobs. Furthermore, the company plans to provide batteries for 310,000 vehicles by 2023. Also, the annual capacity is expected to be 11.7 Gigawatt.

Production in the US

The settlement was on April 11. And the company is set to start construction of the Factories. These Factories are the same ones that are going to provide to Ford Motors and Volkswagen soon.

In an email sent to employees, the CEO mentioned the push with construction. It said, “The settlement cleared uncertainty over (SK Innovation’s) battery business and its push in the US market. We will step up construction of the Georgia plant and will expand investment and partnerships to target the rising EV market.”

Factories in China and South Korea

Apart from their presence in America, SK Innovation’s Factories are set up all over the world. They aim to have a capacity of 125 Giga watt-hours by 2025.

Moreover, they announced an investment plan to expand its Hungary factory. This investment is about 1.3 Trillion Won. As they had to spend money on the settlement, they are getting ready for an IPO.

As the company is shifting towards EV progression. They are trying to sell their stakes in precisely and gas affiliates.

Last month SK innovation mentioned that they are set to sell their entire gas stakes in America. For around several hundreds of millions to Benchmark energy Corp. However, the exact details are not known yet.

Over the years the company spun off its chemical business into SK Innovation. Then their petroleum business into SK innovation. And the list goes on. The company is now Asia’s fourth-largest refiner company. The company has alliances with large automakers all over the world. In 2018, they agreed to supply batteries to Kia and Mercedes.

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