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SK Innovation will invest $ 26 billion in battery production for electric vehicles to grow fivefold

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SK Innovation plans to invest $ 26.5 billion in the production of batteries for electric vehicles over the next five years. The South Korean manufacturer expects to increase production capacity for the production of these products fivefold during this time.

Last year, batteries for electric vehicles accounted for only 5% of SK Innovation’s revenue. By comparison, the oil refining and refining business accounts for over 80% of the company’s revenue.

In total, SK Innovation is building five new factories in the USA, Europe and China. By 2025, their aggregate performance will correspond to the possibility of producing batteries with a total capacity of 200 GWh per year. Now the production capacity of SK Innovation is estimated at 40 GWh.

SK Innovation has already entered into long-term supply contracts with Hyundai Motor, Volkswagen, Ford Motor and other major car manufacturers. Now it is the sixth among battery manufacturers, occupying only 5.2% of the world market by the end of 2020. Implementing its plans, the company expects to become one of the top three industry leaders by 2022. It now includes the Chinese company Contemporary Amperex Technology Ltd. (CATL), South Korean LG Chem and Japanese Panasonic.

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