UPDATE 1-SK Innovation to start construction of second EV battery plant in U.S. [Reuters]
Ford Motor Company (F)
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Source: Reuters
UPDATE 1-SK Innovation to start construction of second EV battery plant in U.S. (Add details) SEOUL, April 28 (Reuters) - South Korea’s SK Innovation Co Ltd, a supplier for Volkswagen and Ford Motors, said on Tuesday it will spend $727 million to build a second electric vehicle (EV) battery plant in the United States. It will begin construction of the factory in July and aim to start production in 2023, the company said in a statement. It did not say where the factory will be located. At one time it had indicated that it may build a second plant in the state of Georgia. It will make a further investment in its second U.S. factory, bringing total spending to about $1.5 billion, an SK Innovation spokesperson told Reuters, but did not give a timeframe. The company is currently building its first factory in the United States, in Georgia, with a planned investment of 1.2 trillion won ($903 million). The 9.8 GWh factory will serve Volkswagen’s EV base in neighbouring Tennessee, with product
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