FILE PHOTO: The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea, February 3, 2017. REUTERS/Kim Hong-Ji
SEOUL (Reuters) – South Korea’s SK Innovation Co Ltd, a supplier for Volkswagen (VOWG_p.DE) and Ford Motors, will spend $727 million to build its second electric vehicle (EV) battery plant in the United States, the company said on Tuesday.
Construction of the plant with annual capacity of 11.7 gigawatt-hours of batteries will begin in July in the southern state of Georgia with production aimed for 2023, the firm, already building its first factory there, said in a statement.
It will make a further investment in its second U.S. factory, bringing total spending to about $1.5 billion, a company representative told Reuters, without specifying a timeframe.
The firm plans investment of 1.2 trillion won ($903 million)in its first U.S. factory, with capacity of 9.8 GWh intended to serve Volkswagen’s EV base in neighbouring Tennessee, and…
Source Reuters Tech News
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