SK Innovation and Continental team up on worldwide EV power

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
March 23, 2012 Read time: 2 mins
4222 SK Innovation and 260 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 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.

"We are pleased to work together in such a key technology for future mobility. With Continental's automotive expertise and SK's battery leadership, we have confidence that the JV will become the market leader in battery systems," stated Dr. Jay Koo, CEO of SK Innovation.

"The JV is ideally positioned to become a technology leader in providing battery solutions to the automotive industry worldwide because both companies are technology leaders in their areas of expertise, and both share a common strategic perspective for future mobility. Together we will be a powerful team that will work together very effectively in a promising partnership," stated Dr. Elmar Degenhart, CEO of Continental.

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.​

Related Content

  • April 19, 2012
    New beginning for Think EV car maker
    A court-appointed trustee has selected Russian entrepreneur Boris G. Zingarevich, whose investment operations are based in St. Petersburg, Russia, as the winning bidder for Think Global electric vehicle manufacturer, following a bankruptcy proceeding initiated by the Norwegian carmaker last month. In addition, Zingarevich has signed a memorandum of understanding with American advanced lithium-ion battery maker Ener1, and Finnish automobile engineering and manufacturing concern Valmet Automotive, to cooperat
    Read More
  • July 30, 2014
    Siemens to equip StreetScooter EV with innovative electronics and software
    Siemens' central research department and electric vehicle manufacturer StreetScooter are to equip an electric car with an innovative electronic and software architecture as part of the Robust and Reliant Automotive Computing Environment for Future eCars (RACE) project. For the first time ever, the architecture will make it possible to retrofit functions such as electrical brakes and systems such as lane-keeping assistants using a plug-and-play process like on home PCs. The two companies plan to incorpora
    Read More
  • August 6, 2012
    GE, Ford, University of Michigan working to extend EV battery life
    GE researchers, in partnership with Ford Motor Company and the University of Michigan, are working together to develop a smart, miniaturised sensing system that has the potential to significantly extend the life of car batteries over conventional battery systems used in electric vehicles today.
    Read More
  • April 19, 2012
    Hyundai Heavy & Magna E-Car Systems to develop lithium-ion battery
    Hyundai Heavy Industries (HHI), and Magna E-Car Systems (Magna E-Car), a supplier of components and systems for hybrid and electric vehicles, have announced a joint venture named Mahy E-Cell as a platform to co-develop and grow a successful battery cell and battery pack business. Under the agreement, HHI and Magna E-Car will jointly conduct engineering, design, development and testing activities with the goal of preliminary validation of battery cell and battery pack technologies for electric and hybrid ele
    Read More

Highlighted Content