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

Benzinga · 09/01/2021 07:16
  • 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.