SK Innovation, a South Korean petroleum refining to petrochemicals production company, is planning to construct an electric vehicle (EV) batteries factory in China.
SK Innovation is expecting to make a 579.9 billion won ($488 million) investment to construct its second factory in China to produce electric vehicle batteries.
The company noted that the second plant in China aims to meet the rising demand for EV batteries globally.
SK Innovation, expanding its production capacity globally, is also building new plants in Hungary, China and the U.S. since last year with a total investment of $4.2 billion.