SK Innovation plans to speed up the construction of its second Hungarian EV batteries plant and aims to begin operating it in 2022 after it received a €90m ($106mn) grant from the country’s government.
The South Korean company has invested an estimated KRW 945bn ($823mn) in this plant that will be located in Komárom, Hungary, and have a production capacity of approximately 10GWh annually.
The subsidy was approved by The European Commission (EU) after a 10-month review since the plant promises to aid in economic development balance among members of the EU and create jobs, per media reports.
SK Innovation supplies batteries to European carmakers including Volkswagen and Daimler in Germany, and Asian manufacturers like the Beijing Automotive Group, Hyundai Motors, and Kia.
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