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SK Innovation to build USD 2.3 bln EV battery plant in Hungary

Automotive

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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.

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