Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
SK Innovation received €90 million or around $106.2 million subsidy grant from the government of Hungary so it can build its second electric vehicle battery factory in the country. The grant was approved by the European Commission (EU) not long ago after reviewing the subsidy plan for 10 months.
Special approval for SK Innovation
As per Korea Joongang Daily, Hungary must get the EU’s approval if it would like to offer a subsidy to SK Innovation. This is because all European Union countries are required to do this in advance since they are spending big to subsidize big companies.
Based on the report, SKI stated that getting the approval from the commission was exceptional because it was processed quickly this time. It was revealed that the EU made the decision based on its confidence that SK Innovation’s EV battery plant will greatly contribute to the economy of countries under the European Union. It also believes that SKI will be able to create new jobs for the locals.
Prior to the approval, the government of Hungary also told the EU that SK Innovation has many customers around the world, and most are automakers such as Daimler AG and Volkswagen, Hyundai Motor, Beijing Automotive Group, and Kia. This statement surely helped with the approval since it means SKI has many customers to supply its EV batteries.
SKI’s plans for its second plant in Hungary
The second Hungarian plant of SK Innovation is already under construction, and it is located in Komarom. It was said that it will be operational sometime in the first quarter of 2022. In this plant, SKI is expecting to produce 9.8 gigawatt-hours capacity annually.
It was learned that the company is also planning to construct a third facility so the company can mass-produce batteries in the first quarter of 2024. SKI will be investing ₩1.27 trillion or $1.1 billion for this project. In any case, The Korea Herald reported that in Hungary’s subsidy, the state aid will be 8 percent of the total investment, which is worth ₩945 billion.
“With aggressive investment, SK Innovation will become a leading global company in the EV battery market,” SK Innovation’s chief of battery business unit, Ji Dong Seop, said in a statement. “SK Innovation will also try harder to contribute to developing regional communities, as well as the EV ecosystem.”
