SK Innovation breaks ground for Hungary’s battery plant
South Korea‘s leading energy and chemicals firm SK Innovation said Friday that it has held a ground breaking ceremony for an 40 billion-won ($784 million) electric vehicle battery plant in Hungary as part of its expansion of production capacity on growing demand.
The plant is SK Innovation’s first exclusive factory to be built in Europe, in the hopes of playing an important role in the company’s advancements into the European market where most major global automakers are based.
The plant will be at a size of about 60 football pitches, according to the company officials, located in the northwestern Hungarian city of Kmarom. The construction is slated to be completed by the second half of next year.
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