South Koreaʼs SK Innovation broke ground on a plant that will produce lithium batteries for electric vehicles in Komárom, northern Hungary. The investment is valued at HUF 97.5bn. The company was awarded a non-repayable HUF 8.17bn from the Hungarian government to help cover project costs. The facility will create 410 jobs in its first phase. Major clients of SK Innovation’s battery business include South Korea’s largest carmaker Hyundai Motor and Kia Motors. Completion is scheduled for the second half of next year.
