SK Innovation Pushes For 3rd EV Battery Plant In Hungary

SK Innovation Co., a South Korean manufacturer of electric vehicle (EV) batteries, is pushing for a third battery plant in Hungary, people familiar with the issue said Monday

SEOUL (APP - UrduPoint / Pakistan Point News - 7th Sep, 2020 ) :SK Innovation Co., a South Korean manufacturer of electric vehicle (EV) batteries, is pushing for a third battery plant in Hungary, people familiar with the issue said Monday.

SK Innovation has begun a process of selecting subcontractors for the construction of the proposed plant, they said.

Still, SK Innovation said it has yet to make a decision on the plant.

Currently, SK Innovation runs a plant with an annual capacity of 7.5 gigawatt-hours (GWh) in the northwestern Hungarian city of Komarom.

SK Innovation has also been working to build its second plant with a capacity of 9.

8 GWh next to the first plant.

Komarom is home to assembly lines of German carmaker Audi and is not far from a plant of another German automaker, Daimler AG, which owns Mercedes-Benz.

The EV battery market has been on a roll as global automakers race to go electric due to tightened regulations on greenhouse gas emissions, which scientists say are to blame for global warming.

SK Innovation is South Korea's top oil refiner, but it has been moving into the electric vehicle battery business since 2008 as part of efforts to find new revenue sources.