Cumulative Order Intake Estimated at 130 Tril. Won
SK Innovation is revving up efforts to expand its presence in the global electric vehicle (EV) battery market. Although SK Innovation has to pay 2 trillion won to LG Energy Solution to settle a legal battle, it has already won orders worth 130 trillion won.
"As SK Innovation has succeeded in making a foray into the U.S. market, it is close to joining the Big 3 battery makers along with CATL of China and LG Energy Solution," an industry insider said on May 25.
SK Innovation has recently agreed with Ford, the second-largest automaker in the U.S., to establish an EV battery joint venture dubbed “Blue Oval SK.”
"Our cumulative order intake exceeds 1,000 GWh, which amounts to 130 trillion won in monetary terms, when the joint venture deal with Ford is taken into consideration," said Ji Dong-seop, president of SK Innovation's Battery Division. "We will expand our global supply chain to meet market demand."
The figure Ji presented is close to the cumulative order intake of LG Energy Solution at the time of its separation from LG Chem in late 2020, which was 150 trillion won. In other words, SK Innovation will become one of the world's top three battery companies after first-standing CATL and second-placed LG Energy Solution.