Hannover, Germany – Germany’s Continental Corporation and South Korea’s SK Innovation intend to team up on a joint venture that will develop, manufacture and market lithium-ion battery systems for automotive applications.
SK Innovation and Continental will have 51 and 49 per cent ownership respectively. The initial operations will be based in Germany and Korea, with a management team compromised of executives from both companies. The business, which is expected to be completed by mid-2012, will serve automotive OEMs globally.
SK Innovation will supply lithium-ion battery cells to the joint venture, while Continental will supply battery management electronics and its overall automotive systems competence. The new company will develop battery systems for hybrids, plug-in hybrids and electric vehicles for leading automobile manufacturers worldwide.