Korean firm to build EV battery plant in Komárom
South Koreaʼs SK Innovation has confirmed earlier news that it will build a KRW 840.2 billion (approx. HUF 204 bln) plant making lithium batteries for electric vehicles in Komárom, northwest Hungary, Reuters reported on Thursday.
Documents posted at the city hall in Komárom on Wednesday revealed that SK Innovation would build a plant to make lithium batteries to power electric vehicles, with construction set to start next February, according to Hungarian news wire MTI.
SK Innovation told Reuters that test operation is due to begin in summer 2019, and commercial production from January 2020.
The first phase of the investment is expected to be implemented on an area of 66,000 hectares in the Komárom industrial park. The plant is expected to operate 24 hours a day all year.
South Korean online business news service The Investor earlier said SK Innovation plans to better meet demand in Europe via a USD 779 mln investment in Komárom (an amount that corresponds to that cited in the Reuters report). The report said the plant will have annual capacity to produce 250,000 EV batteries.
SK Innovation already has a battery plant using the same technology in Seosan, South Korea, noted MTI.
MTI added that in Hungary, Samsung SDIʼs HUF 100 bln battery plant began operating in May 2017 in Göd, north of the capital.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.