SK Innovation, the nation’s largest oil refining firm, said Friday that it will launch its first battery joint venture (JV) in China in September by teaming up with Beijing Automotive Group and Beijing Electricians. The company will invest 190 billion won to set up the new JV whose manufacturing line will have an annual output of 10,000 battery packs for use in electric vehicles. It said that it aims to become the No. 1 battery supplier.
“The venture will produce the biggest car battery supplier in China, the world’s biggest market for electric vehicles, with annual revenue of 200 billion won, at least,” said the statement. It plans to complete the construction of facilities by the latter half of 2014.
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