[Alpha Biz=(Chicago) Reporter Paul Lee] Of the 10 trillion won planned by SK Innovation this year, 7 trillion won will be spent on the battery business. The plan is to bet to expand battery production capacity, focusing on Blue Oval SK, a joint venture jointly owned by Ford, a U.S. automaker, and SK On, a subsidiary of SK Innovation.
On July 7, SK Innovation announced its plan to execute facility investment this year through a conference call for the fourth quarter of last year.
At the time of the establishment of BOSK, SK On and Ford said they will invest a total of 10.2 trillion won, 5.1 trillion won, respectively, to build three, including one and two battery plants in Tennessee and Kentucky, respectively.
SK Innovation predicts that SK ON's operating profit will be able to turn into a surplus in 2024.
SK Innovation also predicted that sales of SK ON will double compared to the previous year.
Meanwhile, last year's parent company SK Innovation's sales rose 66.6% year-on-year to 78.569 trillion won and operating profit rose 129.6% to 3.9989 trillion won.
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