At the press conference held at SK headquarters office on May 30th, Kim Jun, president of SK Innovation, said “We aim to take 30% share of fast-growing EV market by 2025 and become the world’s biggest EV battery maker. To do so, the company plans to invest 10 trillion won at least.”
He added “With the company’s world-class high battery technology, SK Innovation will now actively expand its presence in the EV battery market.”
According to Mr. Kim, SK is supplying it for world’s top-tier automakers like Daimler and Hyundai.
SK Innovation has produced 1.1GWh of EV batteries in 2015, and plans to increase the production capacity up to 10GWh by 2020. As the president Kim said, the company have set a target to seize 30% of global EV battery market in 2025.
The Korean battery maker also telegraphed its plans to develop batteries that can travel up to 500km in a single charge in 2018. Batteries that can drive up to 700km in a single charge, is scheduled to be developed by 2020.
According to market research firm IHS Markit, the global EV battery market will more than quadruple to 110GWh in 2020 from 25GWh in 2015. The firm forecasts that the battery market will further expand to reach 350~1000GWh in 2025, which is about 10~40 times larger than that in 2016.