Kadensa Capital Limited News, Kadensa Capital Limited reported that according to Nikkei News, SK Innovation, a well-known lithium battery manufacturer in South Korea, recently announced plans to spin off its battery business and make it an independent department in order to better focus In the fast-growing electric vehicle market. After the announcement, the stock price of SK Innovation fell by as much as 7.9%, the lowest since April. Analysts pointed out that because the battery business is an important source of income for SK Innovation, once the spin-off, the company's business will only be left with the petrochemical business with low profitability.

　　SK Innovation’s board of directors approved the plan on Tuesday, emphasizing that the battery business has strong growth potential and that the company’s batteries are competitive in the global market. At the shareholder meeting held on September 16, SK Innovation will sign the plan and set up a new company on October 1 this year. The company name is tentatively designated "SK Battery".

　　Kim Jong-hoon, Chairman of SK Innovation, said, “We have decided to establish a management system specifically for each business to enhance the competitiveness of our products. In addition, we will attract investors and increase corporate value to make each department more flexible and Respond to the management environment faster."

　　In addition, SK Innovation also said that it will divest its oil exploration and production business.

　　Kadensa Capital Limited learned that in May of this year, Ford and SK Innovation signed an agreement to create a joint venture to start production of lithium battery components for electric vehicles. At present, SK's innovative battery business has an annual production capacity of 40GWh, with production lines in the United States, China, Hungary, and South Korea. The company previously stated that its goal is to expand production capacity to 85GWh by 2023.

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