SK On to Invest 3 Trillion Won in Construction of 4th Factory in China

[Asia Economy Reporter Choi Dae-yeol] SK On, the battery business subsidiary of SK Innovation, has decided to invest 3 trillion won to establish its 4th battery plant in China.

According to foreign media and industry sources on the 4th, SK On recently signed an investment agreement with Yancheng City, Jiangsu Province, for the establishment of SK On's 4th battery plant in China.

The total investment amount is $2.53 billion (approximately 3 trillion won). Earlier, SK On announced in September that it would initially invest $1.06 billion (approximately 1.2 trillion won) as registered capital for the establishment of the 4th plant in China.

SK On currently operates electric vehicle battery plants in three locations in China: Changzhou (7GWh), Yancheng (10GWh), and Huizhou (10GWh).

The Changzhou plant is a joint venture with Beijing Automotive, while the Yancheng and Huizhou plants operate as joint ventures with the Chinese battery manufacturer EVE.

The new battery plant to be additionally established in Yancheng is reported to be operated independently, not as a joint venture with a Chinese company.

This content was produced with the assistance of AI translation services.