SK Innovation to invest $490m in second EV battery plant in China

FILE PHOTO - The logo of Hyundai Motor is seen on the steering wheel of a Sonata sedan car during its unveiling ceremony in Seoul, South Korea, March 8, 2017. REUTERS/Kim Hong-Ji

South Korea’s SK Innovation said on Wednesday that it plans to invest 579.9 billion won ($488.30 million) to build its second China factory for electric vehicle batteries, in a bet that China will open up its market to Korean battery makers.

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