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South Koreaʼs SK Innovation is considering expanding a factory in Hungary producing electric vehicle (EV) batteries to meet soaring demand for EV cells, its chief executive Kim Jun told Reuters in Las Vegas on the sidelines of the CES trade show, state news wire MTI reports.
SK Innovation could expand its second plant in Hungary, currently under construction, to 16 GWh from 10 GWh to boost supply to Volkswagen, Kim said, adding the firm is in talks with the automaker to turn it into a joint venture.
Volkswagen told Reuters its battery demand has exceeded 300 GWh a year in Europe and Asia and that it is discussing options with various partners.