EU Approves 280 Billion KRW Subsidy for SK Innovation Battery Plant

[Image source=Yonhap News]

[Asia Economy Reporter Donghoon Jung] The Hungarian government is providing subsidies amounting to 280 billion KRW to SK Innovation's local secondary battery factory.

On the 22nd (local time), the European Union (EU) approved the Hungarian government to provide government subsidies worth 209 million euros (approximately 280 billion KRW) for SK Innovation's secondary battery factory in Hungary.

The European Commission (EC), the EU's executive body, approved Hungary's support plan, stating that the expectations for regional development and job creation outweigh the potential market competition distortion caused by the support.

SK Innovation announced the related project last January. The factory is expected to produce lithium-ion batteries and battery modules for electric vehicles. SK Innovation supplies electric vehicle batteries to Volkswagen, Ford, Hyundai Motor Company, and others.

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