SEOUL, South Korea – SK Innovation Co Ltd of South Korea revealed on Thursday that it plans to increase its yearly battery production capacity to 200 gigawatt-hours (GWh) by 2025, up from 125 GWh previously indicated. SK Innovation, which has battery manufacturing facilities in the United States, Hungary, China, and South Korea, presently produces roughly 40 GWh of batteries each year.
According to IHS Markit, global sales of battery-powered electric automobiles are predicted to reach almost 2.5 million in 2020 and to increase by 70% in 2021.
The South Korean battery manufacturer claimed it had received orders worth more than 130 trillion won (US$115 billion), or more than 1 terawatt hour (TWh), enough to power roughly 14 million electric vehicles.
(1 US dollar = 1,130.1600 Korean won)
(Heekyong Yang contributed reporting; Christian Schmollinger and Stephen Coates edited the piece.)
Reuters is the source of this information./n
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