SEOUL - South Korea’s SK Innovation said on Wednesday that it plans to invest 579.9 billion won to build its second China factory for electric vehicle batteries, in a bet that China will open up its market to Korean battery makers.
SK Innovation said its second China factory aims to meet rising orders for EV batteries globally, without elaborating on its Chinese partner, the site and capacity of the proposed plant. Currently, vehicles equipped with South Korean batteries are not eligible for government subsidies in China, the biggest auto and EV market in the world.
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