SK Innovation will invest $1.148 billion in SK Battery Hungary to build a new EV battery factory.

The factory is expected to be constructed in Iváncsa, Hungary, and will have a production capacity of 30 GWh per year. The company’s first and second European plants are also located in Hungary, and the expected third plant will be the largest in investment scale.

Construction will begin in the third quarter of 2021 and will last until 2028. A total of $2.29 billion is expected to be spent on construction. This is half of the anticipated total investments. 

CEO Kim Jun said, “The investment decision made this time will lead the battery business of SK Innovation to greatly contribute to the value chains and ecosystem and to become a leading global company in the global EV industry.”

Source: SK Innovation