SK Innovation to build USD 2.3 bln EV battery plant in Hungary
IgorGolovniov / Shutterstock.com
South Korea's SK Innovation will build a USD 2.3 billion electric vehicle battery plant in Hungary, its third in the country, Minister of Foreign Affairs and Trade Péter Szijjártó said at a press conference on Friday, according to a report by state news wire MTI.
Construction of the plant, with a capacity of 30 GWh, will start in Q3 2021, Szijjártó said. Putting the scale of the investment in context, he noted that Tesla's "gigafactory" in Nevada has capacity of 35 GWh.
Szijjártó said the government would provide support for the investment, the scale of which will be disclosed after the agreement with SK Innovation is finalized and the European Union is notified.
The investment will create 2,500 jobs.
ADVERTISEMENT
Hungary Cattle Stock Edges Down 2% in a Year
Parliament Negates Mandatory Membership in MOK
Regional Cloud Sales Growth Expected in Coming Years
Meet the Expat CEO of the Year Nominees
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
