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May 26, 2022

SK Group invests in chips, EV batteries, renewable energy

The group planned to invest most of the funds, or KRW179trn, locally.

South Korean conglomerate SK Group said it would spend KRW247 trillion won (US$195bn) by 2026 to strengthen three key growth divisions – semiconductors, electric vehicle (EV) batteries and renewable energy, and bio-pharmaceuticals.

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The group planned to invest most of the funds, or KRW179trn, locally where it would create 50,000 new jobs.

More than half, or KRW142trn, would be spent on expanding semiconductor and related materials operations. It planned to establish a KRW120trn semiconductor cluster in Yongin, 50km (30 miles) south of Seoul, to include fabs and wafer plants.

SK said it would spend KRW67trn expanding its EV battery business, which it spun off under its SK On subsidiary last year, including battery separator operations and also hydrogen and other renewable energy businesses.

SK is the latest major South Korean conglomerate to announce massive investment plans since the country’s new president Yoon Suk-yeol took office earlier this month, following a KRW450trn plan by Samsung Electronics and KRW63trn by Hyundai Motor Group.

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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