SK Innovation has announced plans to build a new battery factory in Hungary, investing over $859 million in a new EV battery plant for the European auto market.
SK Innovation is looking to strengthen its presence in the European market on top of the 7.5GWh EV battery plant which is under construction in Komarom, Hungary since early last year. The new plant will be built on an 117,130 square-meter parcel of land, which is part of the 430,000 square-meter site in Komarom, Hungary.
With the new plant, SK Innovation will gain momentum to reinforce its foothold in the European EV market which is growing fast thanks to stricter environmental regulations.
“SK Innovation will be able to strengthen the position of our battery business in the European market by deciding to build a new plant as an expansion of our first plant in Europe,” said Kim Jun, CEO of SK Innovation. “SK Innovation will become one of the best global EV battery producers by 2022 and raise the value of our company by obtaining production capacity to utilize our technological process.”
SK Innovation will break ground on the plant in March this year and finish construction in the first half of 2020. The company will begin mass production and delivery in early 2022 once facility stabilization, commissioning and product certification is completed.
This achievement will help SK Innovation to take a step closer to its mid- and long-term goals to “increase battery production capacity to 60GWh by 2022 and join the ranks of the best EV battery producers” as Kim Jun, CEO of SK Innovation said during CES 2019.