SK Innovation said on Wednesday that it will build its fourth electric vehicle battery factory at Yangcheng, China.
The company will spend US$1.06 billion for the factory up to December 2024.
It will execute the spending plan after it splits off its battery business on October 1.
SK Innovation already has three EV battery plants in China __ one at Changzhou, another at Huizhou and an existing one at Yangcheng.
The three factories combined have a capacity to manufacture 28GWh of batteries per year.