SK Innovation hails Chinese EV subsidies
SEOUL, Dec. 10 (Yonhap) -- SK Innovation Co., a major energy and chemical company in South Korea, on Tuesday welcomed China's decision to give subsidies for new energy vehicles.
The Mercedes E-Class plug-in hybrid, powered by SK Innovation's batteries, is one of the vehicles recommended for Chinese government subsidies.
"We welcome the development as it paves the way for increased sales of electric batteries," an official of SK Innovation said. He asked not to be identified, citing policy.
The Chinese subsidies could give a boost to SK Innovation, which has built its first electric vehicle (EV) battery cell manufacturing plant in the world's largest EV market.
Meanwhile, LG Chem Ltd., South Korea's leading chemical company, did not make any official comment on the issue and declined to confirm whether its batteries are used in Tesla Model 3 vehicles.
Tesla Model 3 vehicles are on a list recommended for Chinese subsidies.
LG Chem said it has supplied batteries to more than 2.7 million electric vehicles, including those of GM, Ford, Renault, Volvo, Audi, Volkswagen and Daimler, as well as South Korea's largest carmaker, Hyundai Motor Co., and its smaller affiliate, Kia Motors Corp.
LG Chem operates electric vehicle battery plants in the United States, China, Poland and South Korea.
The subsidies, if implemented, would mark the first time since 2016 that China has given handouts for electric vehicles powered by South Korean batteries.
entropy@yna.co.kr
(END)
-
1 For veteran idol U-know Yunho, it's all about giving his best
-
2 (URGENT) Biden says America will repair alliances
-
3 S. Korea's military strength 6th in world, N. Korea at 28th: report
-
4 (profile) Liberal, press-friendly lawmaker tapped as culture minister
-
5 K-pop celebs a growing force for tourism in pandemic-hit S. Korea
-
1 (URGENT) Biden says America will repair alliances
-
2 S. Korea's military strength 6th in world, N. Korea at 28th: report
-
3 For veteran idol U-know Yunho, it's all about giving his best
-
4 'Gangnam Style' star Psy celebrates 20-year career anniversary
-
5 (profile) Liberal, press-friendly lawmaker tapped as culture minister
-
1 Man given jail term for 'slipper fight' with subway passengers over mask wearing
-
2 (2nd LD) S. Korea reports 431 more cases of new coronavirus
-
3 N. Korean nuclear activities pose serious threat to peace: Psaki
-
4 Japanese FM says Tokyo won't appeal Seoul court ruling over wartime sexual slavery
-
5 (3rd LD) New virus cases under 400 again; alert in place against potential upticks