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The Korea Herald
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THE INVESTOR
March 29, 2024

Industrials

SK to develop long-range EV battery by 2020

  • PUBLISHED :April 09, 2017 - 16:25
  • UPDATED :April 09, 2017 - 16:26
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[THE INVESTOR] SK Innovation said April 9 it would seek to turn around the fortunes of its struggling China business by developing a longer-range battery for electric vehicles by 2020.

According to a company official, the Korean battery maker is planning massive investment in research and development for EV batteries as part of efforts to deal with the recent imposition of stricter requirements by the Chinese government on Korean battery firms.  


In the aftermath of the controversial deployment of the US Terminal High Altitude Area Defense in Korea, Beijing has been retaliating against Korean businesses operating in China. SK Innovation has suspended operations of a battery packing plant there since February due to reduced orders.

Chinese EV manufacturers tend to shun using batteries made by Korean firms because the government then removes subsidies for the automobiles, according to industry sources.

SK Innovation aims to develop a battery cell that can drive up to 500 kilometers with a full charge by 2020, with the aim of widening the technology gap with Chinese rivals. The company has secured the technology to manufacture a battery with a range of 350 kilometers per charge.

“The Chinese government seems to protect Chinese battery makers, judging that the technology gap between Korean and Chinese firms is about 3 to 5 years,” said a spokesman at SK Innovation. “By enhancing our battery capacity, we could regain the market share there by around 2020 when the subsidy policy is scheduled to be phased out.”

The chemical, refinery and battery unit of SK Group, the No. 3 conglomerate here, has announced it would invest up to 3 trillion won this year. It, however, declined to reveal a specific figure for the EV battery business. The company has said it will double the capacity of its EV battery production facility in Seosan, South Chungcheong Province.

By Song Su-hyun/The Korea Herald (song@heraldcorp.com)







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