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SK Innovation, EVE Energy to build EV battery plants in China

SK Innovation said Friday it will establish a joint venture with Chinese battery maker EVE Energy to build electric vehicle battery plants in China.

The project will involve $525 million to build factories capable of producing 20 to 25 gigawatt-hours.

Established in 2001, EVE Energy is a leading Chinese lithium battery maker. Earlier this month, the company won a contract to provide EV batteries for Hyundai Motor. 

SK Innovation
SK Innovation

To seize opportunities in the Chinese EV market, SK Innovation has been accelerating efforts to increase its presence there, the firm said.

In May, the company announced it would allocate 579.9 billion won ($482 million) to build its second EV battery plant in China.

Currently, SK Innovation operates an EV battery plant in Changzhou, east China. It also runs EV factories in the US and Hungary.