Ford's EV Battery Supplier To Invest $1B In China Factory: Reuters

Author: Anusuya Lahiri | September 01, 2021 07:16am

Ford Motor Co's (NYSE:F) South Korean electric car battery supplier, SK Innovation Co Ltd, will invest 1.2 trillion won ($1.04 billion) in a new battery factory in China, Reuters reports.
SK, which also supplies to Volkswagen AG (OTC:VWAGY), and Hyundai Motor Co (OTC:HYMTF), aims to tap the higher demand from global automakers shift to electric vehicles (EV) to comply with environmental regulations.
SK already has battery production sites in the U.S., Hungary, China, and South Korea.
SK Innovation previously aimed to increase its annual battery production capacity to 200 gigawatt-hours (GWh) in 2025, up from its current capacity of 40 GWh.
Price Action: F shares traded higher by 0.61% at $13.11 in the premarket session on the last check Wednesday.