Chungnam Province: "SK On to Invest 1.5 Trillion Won to Expand Battery Factory in Seosan"
SK On will expand its automobile battery factory in Seosan, Chungnam. To expand the factory, the company plans to invest 1.5 trillion KRW in Chungnam by 2025.
Chungnam Province announced on the 16th that it signed an investment agreement with SK On regarding this matter.
According to the agreement, SK On will expand its electric vehicle battery factory on a 44,152㎡ site within the Seosan Auto Valley Industrial Complex.
Once the factory expansion is completed, the production capacity of electric vehicle batteries at SK On’s Seosan factory will increase from 70,000 units per year to 280,000 units per year.
Through the agreement, SK On also promised to fulfill its social responsibilities by fostering a family-friendly corporate culture for sustainable community development and revitalizing the local economy.
Chungnam Province expects that if SK On’s investment proceeds as planned, the economic effects in the Seosan area will include a production increase of 433.2 billion KRW, a value-added increase of 124.1 billion KRW, and 800 new jobs.
Additionally, due to the one-time effects of factory construction in Chungnam, it anticipates induced production of 2.1247 trillion KRW, induced value-added of 743.6 billion KRW, and induced employment of 19,664 people.
Chungnam Province and Seosan City also plan to provide administrative and financial support to help SK On smoothly carry out its business.
SK On, which was spun off from SK Innovation in 2021, recorded sales of 7.6 trillion KRW last year. It is the only company operating a factory in Seosan domestically.
Kim Tae-heum, Governor of Chungnam Province, said, “SK On is a company leading future energy through technological innovation,” and added, “I hope it will continue to produce the world’s best batteries and grow into a ‘global number one’ company in Chungnam.”
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He also added, “Chungnam Province will spare no support to ensure that companies investing in the region can achieve results beyond their investments.”
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