Invested KRW 1,267 trillion in a subsidiary in Hungary… Full-scale operation in 2024
Increased to 6 factories including China and Hungary… Increased production capacity target to 125GWh by 2025
SK Innovation is opening an additional electric vehicle battery plant in Hungary, the largest ever.
SK Innovation announced on the 29th that it will invest about 1.267 trillion won in its Hungarian subsidiary (SK Battery Hungary Kft) to invest in a new European electric vehicle battery plant (factory 3).
After the investment, the stake becomes 100%.
SK Innovation decided on such an investment plan at the board of directors the day before.
This new plant is expected to be the largest among global production bases already in operation or under construction by SK Innovation as an upfront investment in preparation for future demand.
SK Innovation presented its future electric vehicle battery production capacity target as ▲ 2023 production capacity 85GW ▲ more than 125GWh in 2025 through a conference call for performance announcement last year.
This is a further increase from the previous target of 100GW in 2025.
Currently, SK Innovation is operating its Seosan plant in Korea (4.7GWh) and its first plant in Hungary (7.5GWh).
In addition, this year, the Yancheng and Huizhou plants in China will be fully operated with a production scale of 20KWh.
In addition, the second plant in Hungary and the first plant in Georgia, which are under construction, are expected to begin mass production from the first quarter of next year with a scale of 9.8 GWh each.
The second factory in the US (11.7GWh) is also under construction with the aim of mass production in 2023.
Including the 3 plants in Hungary, SK Innovation’s battery production plants will increase to six.
Considering this production status and future targets, it is estimated that the third plant in Europe will have a production capacity of at least 12GWh.
It is known that the investment amount is also the Hungarian government’s investment of hundreds of billions of billion won to the 1.2 trillion won in cash investment by SK Innovation.
SK Innovation said in a conference call that day, “We will expand our production capacity to 125GWh per year by 2025 by expanding our production facilities in Europe, the United States and China.”
The current electric vehicle battery order balance is 550GWh, which is more than 70 trillion won in terms of sales.
The company said, “We are continuously pursuing new orders for various manufacturers as well as existing customers such as Daimler and Hyundai.”
/yunhap news