SK Innovation said on May 27 it will expand its electric vehicle battery production capacity 20 times more than the current level by 2025 to meet growing demand and expand its presence in the promising market.
CEO Kim Jun said the company aims to increase its production capacity from the current 5 gigawatt hours to 100 Gwh by 2025, as well as jack up its order book from 430 Gwh to 700 Gwh in the cited period.
The firm joined the ranks of the world’s top 10 players in terms of sales during the first quarter of the year. During the January-March period, it reported 447 megawatt hours of capacity sold, which put it in ninth place among battery suppliers.
“Global competitiveness of our new businesses got stronger, but we still have a long way to go,” Kim told reporters in Seoul.
In addition to the EV battery production, SK Innovation, considered a latecomer in the battery industry, said it will try to provide a battery business solutions platform, which includes the renting, recharging and recycling of batteries, in the market by partnering with other companies.
It will also try to expand its presence in business areas like energy storage systems and virtual power plants.
For chemical businesses, SK Innovation said it will diversify its product portfolio though mergers and acquisitions.
By Ram Garikipati and newswires (firstname.lastname@example.org)