SK Innovation

South Korean company SK Innovation and international automotive supplier Continental, have signed an agreement founding a jointly managed company to develop and supply battery technology for the automotive industry. The know-how of both firms will be concentrated in this new company with the goal of mutually developing, producing and globally marketing lithium-ion battery systems for cars.

SK Innovation and Continental Corporation have announced their intention to team up for powering electric vehicles worldwide. A joint venture is to be formed through which both companies want to develop, manufacture and market Lithium Ion battery systems for automotive applications. SK Innovation and Continental will have 51% and 49% of ownership respectively. The initial JV operations will be based in Germany and Korea; and the management team will be comprised of executives from both companies. The busine