Continental, SK Innovation complete EV battery deal
MUNICH -- Continental and South Korea's SK Innovation completed a deal today to cooperate on lithium ion battery technology for electric vehicles.
The venture, which was initially agreed on in January, is set to start operations in the fourth quarter of this year, Continental said today. The business will be managed from Berlin.
The partners will do their r&d work in Berlin and Daejon, South Korea.
At the Detroit auto show in January, Continental CEO Elmar Degenhart predicted that the joint venture, in which Continental holds a 49 percent stake, will become one of the top three global EV battery producers.
Automakers are counting on lithium ion batteries to help power future models while also reducing tailpipe pollution, which is crucial as the industry races to meet tougher emissions standards in Europe and around the world.