SK Innovation announced that it will develop new batteries and increase its production capacity.

2019-06-03

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According to foreign media reports, SK Innovation announced that the company will develop a new electric vehicle battery designed to extend the maximum driving range of EVs to 500 kilometers. The product is expected to be commercialized as early as 2021. The company plans to increase its battery production more than 20-fold by 2025 and aims to become the world’s third-largest player in the global battery market through substantial investment and technological R&D.

One /

At a press conference on May 27, SK Innovation CEO Kim Jun unveiled the company’s growth strategy, pledging to fully develop next-generation NCM (nickel, cobalt, and manganese) electric vehicle battery cells. The ratio of these three metal materials will be 9:0.5:0.5. Increasing the nickel content in batteries means that the vehicles’ driving range will improve as energy density rises—but this requires cutting-edge technology to ensure battery stability. Currently, most batteries used in the electric vehicle market have a nickel content ranging from 50% to 60%, with a typical driving range of about 300 kilometers.

Two /

SK Innovation also plans to expand its production capacity, increasing its annual output from the current 4.7 GWh to 100 GWh by 2025. By 2022, its annual output will reach 60 GWh. At that time, the company’s plants in Changzhou, China; Komárom, Hungary; and Georgia, U.S., will begin operations. The company also plans to raise its order backlog for the same period from the current 430 GWh to 700 GWh.

Three /

SK Innovation has introduced a new business model—Battery as a Service (BaaS)—a comprehensive service that covers battery production, sales, maintenance, leasing, charging, and recycling/reuse. The company aims to expand its business into the aviation and marine industries and plans to offer energy storage system solutions in the future.

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Ningbo Yongjia Auto Parts Co., Ltd.

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