November 15, 2018 11:10
SK Innovation will supply batteries for Volkswagen's electric vehicles from 2022.
SK said Wednesday it signed a deal with the German carmaker to supply EV batteries in Europe and North America but declined to reveal details of the contract.
SK now plans to expand its production facilities in order to fulfill the deal. It is considering three or four sites for a new plant in the U.S., and is looking for a second factory site in Europe. It is already building a plant in Hungary.
SK said, "With the deal, we will expand our business to respond to the growing global electric car market."
It will be able to produce 20 gigawatt hours worth of batteries by 2022, once its new plants in China and Hungary are completed and running.
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