SK On plans to expand its electric vehicle battery production capacity in South Korea to meet the growing demand of its customer Hyundai Motor.
According to reports, Hyundai has begun construction of a new electric vehicle production facility in Ulsan. SK On plans to start investing in the Seosan plant this year with the goal of starting commercial production in 2024 to supply batteries for Hyundai’s electric vehicles, the sources said.
SK On is expected to spend about 500 billion won to expand Seosan’s current production capacity of 5GWh per year to 10GWh.
According to public information, SK On’s Seosan plant started producing batteries in September 2012 and broke through 5GWh of production capacity in 2018. At the same time, SK On began building overseas facilities in China, Hungary and the U.S. and is focusing on these facilities more than those in Korea. SK On will expand its production capacity to mainly produce 300mm-long batteries.
