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SK Innovation pumps $26bn into EV batteries to quintuple output

South Korean company aims to be in top 3 of the field by 2022

SK Innovation is building five new EV battery factories across the U.S., Europe and China. (Photo courtesy of SK Innovation)

SEOUL -- SK Innovation will spend 30 trillion won ($26.5 billion) on its electric vehicle battery business over the next five years, the South Korean energy and materials company said Thursday, looking to multiply production capacity by a factor of five to capture surging global demand.

The world's sixth-largest battery producer reports already having orders worth 130 billion won on its books.

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