ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Technology

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more