SK Innovation to split battery business

Bigger capacity: SK Innovation’s booth at a battery exhibition in Seoul. The company plans to lift battery capacity to 200 gigawatt-hours (GWh) by 2025 from about 40 GWh currently. — AP

SEOUL: SK Innovation Co will split off its fast-growing battery business as it pushes ahead with plans to vastly increase production to take advantage of rising global demand for electric vehicles (EVs).

South Korea’s third-largest conglomerate plans to form SK Battery in October after seeking approval from shareholders on Sept 16, the company said in a statement yesterday.