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SK Innovation to invest $1 billion in a new battery factory in China

SEOUL — South Korea’s SK Innovation Co. claimed on Wednesday it will make investments 1.two trillion gained ($1.04 billion) in a new battery factory in China.

The financial commitment comes as international automakers shift to electric powered vehicles to comply with environmental polices, leading to increasing demand from customers for EV batteries.

The South Korean battery maker, which provides electric powered auto batteries to Ford Motor Co., Volkswagen Group and Hyundai Motor Co. amongst other people, has battery output sites in the U.S., Hungary, China and South Korea.

SK Innovation did not provide specifics of its planned new battery factory in China.

In July, SK Innovation claimed it would purpose to enhance its yearly battery output ability to 200 gigawatt-hours (GWh) in 2025, up 60 per cent from a previously declared objective of 125 GWh. Its existing ability is forty GWh.