SK Innovation with positive signs for EV battery business growth

The Elec reports that Ford has hired a former VP at Samsung SDI to develop EV batteries in its joint venture with SK On - Blue Oval SK. According to The Elec's sources, the company has appointed Kim Sung-hoon. He has experience and expertise in developing large batteries, manufacturing technologies such as stacking of battery materials, and production lines for them. It is expected that he will focus on battery...

8 November 2023

According to SK Innovation's announcement on the 21, SK On has successfully increased a total of KRW 2.8 trillion in paid-in capital. This is the sum of SK Innovation's investment, which is equal to KRW 2 trillion, and Korea Investment Private Equity’s investment of KRW 0.8 trillion. SK Innovation plans to invest KRW 1 trillion within this month and proceed with the remaining amount next year. This is SK...

22 December 2022

SK Innovation today launched its battery division split off - the SK On as a wholly-owned subsidiary, meaning it is 100% owned by SK Innovation. In a split-off, the parent company holds all the shares. In a spinoff, shares are distributed to shareholders of the parent. "Today marks an important step for SK Innovation to consummate a structural form of a portfolio innovation that we have sought," said Kim Jun, CEO of...

1 October 2021

Ford announced its plans to bring electric vehicles at scale to American customers with two new massive, environmentally and technologically advanced campuses in Tennessee and Kentucky that will produce the next generation of electric F-Series trucks and the batteries to power future electric Ford and Lincoln vehicles. Ford plans to make the largest-ever U.S. investment in electric vehicles at one time by any...

28 September 2021

Yesterday, SK Innovation held the "SK Innovation Stroy Day" at the Conrad Hotel in Yeouido, Seoul. The event unveiled key points from the company's strategy for development which can be encompassed in one phrase "From carbon to green". This means that the company is ready to transform its carbon-centered business structure into one that operates a green/eco-friendly-centered business. This will be achieved based on...

2 July 2021

According to SNE Research, CATL ranks first in the global EV battery market for the first five months of 2021. Its market share for January-May 2021 is 31.2% compared to 22% for January-May 2020. However, if we look at the GWh installed, the YoY growth reaches a staggering 272.1% from 7.4GWh in 2020 to 27.6GWh in 2021. LG Energy Solutions is second with 23.1% market share for January-May 2021 and a 166.7% growth in...

2 July 2021

Ford and SK Innovation announced they have signed a memorandum of understanding (MoU) for a joint venture - to be called BlueOvalSK - to manufacture battery cells and arrays in the USA. BlueOvalSK to produce approximately 60 GWh annually with the potential to expand, starting mid-decade. y 2030, Ford expects annual energy demand for its vehicles will be up to 140 GWh annually in North America and up to 240 GWh...

21 May 2021

SK Innovation has announced that it will aim to increase the amount of cathodes that are produced in-house to 20% of all the cathodes it uses. These are high-nickel cathodes and the goal is set to be achieved in 2025. At present, SK Innovation sources out cathodes entirely. NCM811 cathodes are supplied by EcoPro BM. NCM523 cathodes are provided by L&F. The company plans to mix L&F's cathodes with the CSG one...

11 May 2021

This morning, SK Innovation announced that it has reached an agreement with LG Energy Solution to settle the U.S. ITC battery dispute on April 11th (KST). Under this agreement, all on-going litigation, including the ITC matter starting from April 2019, will be closed. The two companies agreed that SK Innovation will provide LG Energy Solution a total of 2 trillion won (USD $1.8 billion) apportioned into lump-sum...

12 April 2021

According to Korean news outlet - Korea Herald - SK Innovation will split off its battery unit into a wholly-owned subsidiary. This decision has been reportedly taking during a CEO meeting earlier this year and a split-off was preferred over a spin-off. The split-off will result in the battery business becoming a wholly-owned subsidiary. The spin-off will result in a subsidiary under SK Group, with SK Holdings and...

24 March 2021

Thanks to its factories in Hungary and China that already began operation, SK Innovation has increased its battery production capacity sixfold from 2019 to 2020. The latest facility that joined SK Innovation's portfolio is the Blue Sky United Energy plant in Yancheng, China, which started manufacturing cells this month. This is a second China facility for the company after the one in Changzhou. Together with the...

23 November 2020

According to the Chinese market research firm Battery China, a total of 6.6GWh of EV batteries were deployed in September on the Chinese market which marks a 66.4% YoY increase and a 28.3% MoM increase. CATL took first place with a 47.1% market share, followed by BYD with a 14.4% share and LG Chem with a 13.8% share. LG Chem's local performance is entirely dependent on the Tesla Model 3 orders. Vehicles from the...

28 October 2020

According to the latest report by SNE Research, LG Chem holds the first place in the global EV battery market according to GWh shipped in the January-August period of 2020. The Korean giant holds 15.9% of the market. However, CATL is quickly catching up with 15.5% market share. They are followed by Panasonic with 12.4%, Samsung with 4.1%, and BYD with 3.7%. During the January-August period of 2020, the total amount...

10 October 2020

Two months ago, the chiefs of Hyundai and SK Innovation met to discuss possible cooperation in the EV market. Obviously, the two companies have reached a level of agreement. More specifically, they have agreed to cooperate in the development of a sustainable ecosystem for EV batteries, which includes battery sales solutions, battery management service and battery reuse, and recycling. To enable cooperation, both...

11 September 2020