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EV Battery Production Facility Investment In Hungary

Author: Source: Datetime: 2017-11-27 13:30:54
According to reports, South Korea-based electric car battery technology company SK Innovation will invest 840.2 billion won (about 77.7 million US dollars) for the development of electric vehicle battery manufacturing facilities in Hungary.

The purpose of this new facility is to help companies meet the growing demand for their products in the European automotive industry with such demand is expected to grow rapidly in the coming years to bring more manufacturers of electric models to market manufacturers in a hurry to meet stringent Tesla and other fast-moving competitors, which regulate standards and do not eat lunch, eat.
EV Battery Production Facility
The threat of zero-emission zones in some of the major urban centers is also expected to spur growth in the sector.

According to a Reuters report, "SK Innovation, which owns South Korea's largest refiner SK Energy, plans to start groundbreaking in February 2018 and begin production in early 2020." Previously, SK Innovation and other South Korean electric car battery manufacturers suffered a major setback in China, the world's largest car market, tensions between the two diplomatic relations.

"South Korea's battery-powered electric vehicles have been ruled out of state subsidies in China.SK Innovations has suspended a battery factory in China with China Beijing Automotive Group, Beijing Electronics, and also postponed plans to establish an electric vehicle battery factory in China."

All in all, this undoubtedly makes the European market seem more attractive, so the investment plan is also increasing.

The new electric car solar power batteries manufacturing plant will have a production capacity of about 7.5 GWh a year. Customers, as one might guess, are expected to include Daimler (Mercedes). SK Innovation also produces Kia electric vehicle batteries.
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