Hyundai Motor’s IONIQ 5 loaded with batteries from SK Innovation are expected to receive subsidies from the Chinese government starting from the second half of 2021.Hyundai Motor has decided to use pouch-type lithium-ion batteries designed and developed by SK Innovation for the IONIQ 5 in China. The
As BAIC Group of China is expanding investment in its premium electric vehicle (EV) brand Arcfox, SK Innovation's share of the Chinese EV battery market is expected to jump. SK Innovation supplies batteries for all Arcfox models through a battery joint venture established with BAIC.BAIC will iss
LG Chem will set up an electric vehicle battery joint venture with Geely Auto, the largest automaker in China. This marks the first time that LG Chem sets up a joint venture with a carmaker to manufacture batteries for electric vehicles. Industry analysts view it as a bold move to enter the Chinese
SK Innovation Co. has raised its stake in Beijing BESK Technology Co. (BESK), an electric vehicle (EV) battery producer jointly established with China’s state-run Beijing Electronic and Beijing Automotive Industry Holdings, from 40 percent to 49 percent.The company set up the joint venture company i
Korean battery manufacturers were included in a white list (a preliminary list of the first quality certified companies) of electric car battery certification made by the Chinese government. This means that the Chinese government acknowledged the technological prowess of Korean companies. Although i
SK Innovation is looking for news business opportunities in the battery business in China through its newly established battery subsidiary.SK Innovation announced on February 2 that the company has renamed SK Battery China Holdings, a battery subsidiary in China that was estabished in November last
South Korean companies are withdrawing from China as it has become difficult to do business there amid Beijing’s growing economic retaliation against Korea’s deployment of a U.S. Terminal High Altitude Area Defense (THAAD) missile defense system. However, SK Group has aggressively made an investment
As automakers are internally securing batteries, core components for electric vehicles (EV), in earnest, some points out that domestic battery producers, such as LG Chem and Samsung SDI, should essentially reestablish their supply strategies for automakers.According to foreign media and battery indu
SK Innovation Co. has halted operation of its battery packing plant in China. The company said that it is the operational measure in the wake of Beijing's move to stop a subsidy to electric vehicle makers that use parts from non-Chinese manufacturers and entirely unrelated to China’s retaliation on
The Chinese government issued an industrial regulatory plan that will expand the minimum size of battery manufacturers’ facilities in China 40-fold. Korean battery companies such as LG Chem, Samsung SDI, and SK Innovation seem to be virtually unable to get approval for several years.The Korean batte
SK Innovation is set to seek M&As actively as it has secured abundant money with the drop of oil prices and sharp rise in its profit s due to demand increase last year."We will make every possible effort to innovate and expand our business portfolios amid uncertain global market conditions," SK Inno
SK Innovation is slimming itself down on a large scale in order to survive adverse market conditions.For instance, it is currently liquidating HelioVolt, the American solar cell manufacturer it acquired in 2011. It tried to sell the firm from last year amid increasing uncertainties in the photovolta