SK Continental E-motion formed by SK Innovation and Continental has started manufacturing and distribution of lithium-ion based battery systems across the globe for cars and light commercial vehicles.
SK Innovation and Continental, which have 51% and 49% stake respectively in the new company, are planning to invest about EUR270m in the next five years.
Continental executive board chairman Dr. Elmar Degenhart said: "The synergies generated by Continental's extensive systems expertise and automotive engineering skills together with SKI's technological leadership in battery cells and separators will enable us to make SK Continental E-motion one of the world's leading suppliers of battery systems."
The company will be managed from Berlin, while the teams will work at locations in Berlin, Germany and Daejeon, Korea to develop the lithium-ion battery technology that will be used in electric vehicles.
Continental is a Hanover-based supplier of brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tires, and technical elastomers.
