SK Innovation Supplies Electric Vehicle Batteries for China's Arcfox SUV
[Asia Economy Reporter Park So-yeon] SK Innovation will supply electric vehicle batteries to the premium electric vehicle brand Arcfox SUV 'Mark 5' of China's Beijing Automotive Group.
According to industry sources on the 20th, the Mark 5 will use batteries produced at the battery factory 'BEST,' a joint venture established by SK Innovation, Beijing Automotive, and Beijing Electric Power in Changzhou, Jiangsu Province, China.
The battery (NCM811) has a composition ratio of nickel, cobalt, and manganese?key raw materials for battery cathodes?of 80%, 10%, and 10%, respectively.
The Mark 5 is a 3rd generation electric vehicle capable of driving up to 450?500 km on a single charge and is scheduled to be released in the second half of this year.
Related industries evaluate that SK Innovation has pioneered the Chinese market, which has particularly high entry barriers for Korean companies, through its battery technology.
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Meanwhile, SK Innovation is focusing on local investment by building an additional factory in Yancheng following the Changzhou site. This is to target China, the world's largest electric vehicle market. Mirae Asset Daewoo Research Center forecasts that electric vehicle sales in China will grow from 1.5 million units this year to 5.8 million units by 2025.
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