SKI will split off its battery business as an independent company, following a trend of other manufacturers creating separate firms to hone in on battery production.
SK Innovation’s battery production will be split into a separate firm amid rising demand for electric vehicles. The South Korean firm’s announcement follows a recent trend of other battery manufacturers and OEMs spinning off their EV battery units.
SK Innovation aims to prioritise the fast-growing market for electric cars and their batteries without obstruction from other business lines under the listed firm.
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