South Korea's SK Innovation Co Ltd plans to build a second electric vehicle...
LAS VEGAS - South Korea’s SK Innovation Co Ltd plans to build a second electric vehicle battery plant in the United States and is considering expanding another factory in Hungary to meet soaring demand for EV cells, its chief executive told Reuters.
The investment comes as automakers race to adapt to rising increasingly stringent regulatory requirements globally aimed at reducing carbon dioxide emissions. The second, 10 GWh plant would require about $1 billion as capacity of 1 GWh needs $100 million, a person with familiar with the matter said. The final figure will be subject to board approval in the first half of 2020, the person told Reuters.
The plans are aimed at helping the firm cope with a surge in battery orders, at 500 GWh by 2019-end from 320 GWh a year earlier. However, Kim said, extra investment means the battery division could break even a year later than planned, in 2022.
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