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SK Innovation boosts EV battery push with $1bn plant in Hungary

Investments in Europe and US will increase capacity to 125 gigawatt-hours

SEOUL -- SK Innovation will spend 1.27 trillion won ($1.14 billion) to build its third automotive battery factory in Hungary as the South Korean company readies capacity on three continents to supply power sources for the fast-growing electric vehicle market.

The third factory is slated to come online in 2024 after a second Hungarian site opens in 2022. Another plant in the U.S. state of Georgia is expected to start operating next year. Other facilities are in China and South Korea.

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