March 21, 2019 10:43
SK Innovation on Tuesday broke ground for a plant to produce batteries for electric vehicles in the U.S.
U.S. Secretary of Commerce Wilbur Ross and Governor Brian Kemp of Georgia attended a groundbreaking ceremony to kick off the construction of the plant in Commerce, Georgia on Tuesday.
The plant is expected to begin production in 2022 with an annual capacity of 9.8 gigawatt-hours of batteries -- enough to supply some 170,000 electric vehicles. SK Innovation already has similar factories in China and Europe.
SK Innovation first ventured into the EV battery business in early 2005 with the development of battery packs for hybrid cars. Despite being a latecomer following LG Chem and Samsung SDI, it is rapidly catching up with massive investment.
SK Innovation will invest US$1.67 billion in the new plant by 2025, which would create some 6,000 jobs there.
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