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SK Innovation to build $1.67B EV battery manufacturing plant in Georgia

South Korea-based SK Innovation, a developer of lithium-ion batteries for electric vehicles, will invest $1.67 billion to build a new electric vehicle (EV) battery manufacturing plant in Georgia.

SK innovation is fitted with the entire value chain for mid/large-sized battery production from electrodes and separators to battery cells and packs. SK Innovation has applied high energy density ternary materials to lithium-ion batteries for mass production. Based on these technological capabilities, SK innovation has signed supply contracts with major automakers including Hyundai Motor Group, BAIC Group and Daimler AG.

SK Innovation, which is part of SK Group, says that it is making the investment in Georgia to better compete in the growing global EV battery market. The company says that the new investment will provide opportunities for it to bring its products to additional automakers in the United States.

The new plant will be located in Jackson County, Georgia. Construction will occur in two phases, beginning in early 2019. The first phase will invest approximately $1 billion and employ more than 1,000 advanced manufacturing employees, making it the largest scale electric vehicle battery plant in the United States. SK Innovation leadership worked closely with federal, state and local officials to finalize the investment.

SK Group has been building relationships within the United States for decades. It already has significant investments in the US and currently employs nearly 2,000 US workers across 10 states.

Established as South Korea’s first oil refining company in 1962, SK Innovation engages in diverse areas of business, including exploration and production (E&P), batteries, and information and electronics materials. It owns SK Energy, South Korea’s Nº 1 refining company; SK Global Chemical, the leader in the domestic petrochemical industry; SK Lubricants, a global lubricants company; SK Incheon Petrochem, a refining and chemical company; and SK Trading International, a trader of crude oils and petrochemicals.

Comments

Calgarygary

At the same time the White House admin is threatening to end the federal tax incentives for electric cars. In my view the program appears to have been flawed and should be revamped, however the signals coming out of the White House seem to indicate that they are uninterested in electric mobility and would like to see the whole idea die and go away. It's as if the administrations in the 60's and 70's had said space schmace, who needs it?

I can understand that electric cars may not happen as quickly as some might expect, but the improvements to cost, capacity and durability of batteries needed to completely change the mobility landscape are really not that far off. It appears that Trump wants to swamp the Chinese auto market with American made vehicles and I'd expect that long term it will go the other way because China looks to be ahead on electrification.

HarveyD

It seems evident that China is winning the electrification race with: (1) lower cost REs, (2) lower cost high performance batteries, (3) lower cost electrified vehicles, (4) 100,000+ miles of very high speed high performance electric trains, (5) electric cycles, trucks and buses.

The next round will include ADVs, e-planes and e-ships?

Democracies will have to learn how to govern better?

Free enterprises will also have to learn how to do better?

SJC

Good news, another major player in the game.

Lad

Calgarygary:
It's been said the best form of Government is a 'Good King' because a good king can order positive actions for the benefit of his people and it is immediately accomplished.

China's Oligarchy Government is following the Good King idea and is actually working to improve their economy and environment and thus the welfare of the people. On the other hand, the U.S. Central Government is caught up in the idea of working for the benefit of the rich elite few. It will take removing the current elitist Republican party from power to change that and to restore the idea of working for the benefit of all the people once more.

The news here is that an oil company, SK, is investing big time in clean energy devices, batteries.

HarveyD

Nothing basically wrong with Oil $$$ going to lower cost, higher performance REs, batteries and electrified vehicles.

Not so sure with managers/owners making 200 to 2000 times more than the average workers and sport players making $10+M/year?

Arnold

Calgarygary

The US can't even sell their own ice vehicles to their own.
As far as no even showing up for the game, why bother when they have such a wonderfully profitable arms manufacturing gig occupying their attention. I guess they plan to 'save the world' with bullets.

With respect must disagree that the slow ev take up will be hard to shift.
While it is likely limits to associated infrastructure such as charge points will show as the market takes off it is evident that affordability and diverse product range is showing signs of meeting market expectations.
Bev's are a given new paradigm and the manufactures wishing to stay relevant are committed.

Arnold

The current range of internal combustion engine cars being developed by Volkswagen AG brands will be the last ever, VW chief strategist Michael Jost said this week.

With an electrification strategy firmly in place for the group’s stable of auto brands, VW is now ready to embrace the end of ICE age and is planning the last rollout of ICE platform cars in eight year’s time.

The car maker, which works in seven-year development cycles, says its next cycle will begin in 2025 and will include electric vehicles only.


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