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SK Innovation invests $2.5bn to realize EV battery ambition

South Korean refiner seeks to hedge oil risk with electric vehicle play

SK Innovation claims less than 2% of the global EV battery market.   © Reuters

SEOUL -- SK Innovation is investing $2.5 billion in facilities to produce electric vehicle batteries in a bid to become a leading supplier to the global auto industry.

The South Korean company is building its first EV battery plant in the U.S. at a cost of 1.1 trillion won ($973.5 million), with plans to start production in 2022. The announcement follows news earlier this year of investments for new factories in Hungary and China amounting to more than $1.5 billion.

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