News Formal

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

  • 📰 therealautoblog
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 51%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 528. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Korean Crypto Exchanges Issue Investment Warnings After Litecoin's MWEB UpdateThe alerts by UpBit and Bithumb comes just two days after privacy opt-ins was activated on the Litecoin blockchain.
Source: Crypto_Potato - 🏆 568. / 51 Read more »