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SK Innovation Eyes $10 Billion Battery Bet After Major VW Order

  • South Korean maker weighs capacity increase through 2025
  • Investment would transform company into global battery leader
SK Innovation’s EV battery plant in Seosan.
SK Innovation’s EV battery plant in Seosan.Source: SK Innovation
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SK Innovation Co. is weighing a $10 billion plan to invest in battery cells, a move that would transform the supplier to Volkswagen AG and Daimler AG into a global leader as the industry pushes to bring electric vehicles to the masses.

The potential expansion would challenge the likes of Contemporary Amperex Technology Co., LG Chem Ltd., and Samsung SDI Co., which are all vying to capitalize on the shift to battery-powered cars. The spending by the South Korean company would extend through 2025 and boost capacity to about 100 gigawatt hours, Chief Executive Officer Jun Kim said in an interview at CES in Las Vegas.