Hyperdrive
Auto Supplier Sees Its EV Battery Business Breaking Even by 2021
- New Georgia plant awaits orders from carmakers in the U.S.
- EV battery unit may sell stakes to outside strategic investors
This article is for subscribers only.
SK Innovation Co., a supplier to automakers including Volkswagen AG, is aiming to break even on its electric-vehicle battery business by 2021, when it expects to reach mass production rates at plants being built now.
The South Korean company, which earns money today from its core oil-refining and petrochemical operations, expects to ramp up EV battery-cell capacity from about 5 gigawatt hours now to 20 GWh later this year, then double that amount next year.