SK Innovation Seeks Battery Ventures with VW, Chinese Partners

April 10, 2019 at 2:38 AM

South Korea’s SK Innovation hopes to launch separate ventures with Volkswagen and unnamed Chinese partners to make batteries for electric cars, Reuters reports.

YS Yoon, president of SKI’s battery business, confirms talks with VW and tells Reuters the company is very close to a deal to open a second plant in China.

SKI is a relative latecomer to the EV battery market. But it has been outspending its rivals with an aggressive 4.5 trillion-won ($4 billion) plan to multiply its capacity more than tenfold by 2022.

The company broke ground last August for its first Chinese plant, a $744 million venture involving BAIC Motor and Beijing Electronics Holding. In December SKI announced a $1.7 billion battery factory project in the U.S. In February it revealed plans for a $751 million second battery plant in Hungary.