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South Korean EV battery makers in $13 billion spree to win U.S. market

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South Korean EV battery makers in $13 billion spree to win U.S. market:

The SK Innovation Co Ltd unit has announced investment of about $6.3 billion since 2018 to build two stand-alone factories in Georgia and three plants withAll in all, it is aiming to have more than 150 GWh worth of capacity in the country.SK On is also expected to be involved in plans by Hyundai Motor Group, which houses Hyundai Motor and

Corp, to invest $5.5 billion in Georgia to build EV and battery facilities. SK On will supply the battery for Hyundai's Ioniq 7 that will be built there, a source has previously told Reuters.The Samsung Electronics Co Ltd affiliate has joined hands with Stellantis to invest up to $3.1 billion in a battery plant in Indiana. Samsung SDI's portion of the investment is $1.3 billion though it may grow to $1.6 billion.

The venture aims to start production in 2025 with an initial annual production capacity of 23 GWh that would climb to 33 GWh in the next few years.

 

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