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Continental, SK Innovation Launch Battery Company
South Korea's SK Innovation and Germany's Continental AG have formally launched a still-unnamed venture to develop and market lithium-ion batteries for electric vehicles.
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South Korea's SK Innovation and Germany's Continental AG have formally launched a still-unnamed venture to develop and market lithium-ion batteries for electric vehicles. The partners announced plans for the venture in January.
Headquartered in Berlin, the new company expects to begin operations in the fourth quarter of this year. SK will own 51% and Conti 49% of the venture. Product development work will be split between Berlin and Daejon, Korea.
The partners expect the company to initially employ about 200 people worldwide. SK will contribute its expertise in battery technology, and Conti will provide battery controls and system integration know-how.
The companies say they will continue to independently pursue their own business strategies and supply their existing products to customers.
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