Korea-based SK Innovation and Germany-based Continental Corporation announced their intention to team up to produce lithium-ion batteries for electric cars.
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 business will serve automotive OEMs globally. The new joint venture is subject to the completion of JV agreements, which are expected to be achieved by midyear 2012.
The JV will focus on developing Li-Ion battery systems for automotive customers. SK Innovation will supply market leading Lithium Ion battery cells to the JV while Continental will supply Battery Management Electronics and its overall automotive systems competence.
The newly formed entity will bring together leading experiences in developing battery systems for Hybrid Electric Vehicle (HEV), Plug-in Hybrid (PHEV) and Electric Vehicle (EV) programs at leading automobile manufacturers worldwide.
