Yen Falls to 40-Year Low as Markets Watch Japan Intervention and U.S. Jobs Report 
Nvidia Stock Rises as SemiAnalysis Sees AI Data Center Revenue Beating Wall Street Forecasts 
Oil Prices Slip as U.S.-Iran Peace Talks and Strait of Hormuz Risks Keep Markets on Edge 
Anthropic Restores Claude Fable 5 and Mythos 5 After U.S. Lifts AI Export Controls 
Oil Prices Rise as U.S.-Iran Talks Keep Geopolitical Risks in Focus 
Microsoft Reportedly Plans New Job Cuts Across Sales, Consulting, and Xbox 
Gold Prices Drop as Fed Rate Outlook and Iran Tensions Weigh on Market 
Asian Stocks Slide as Chip Shares Tumble Ahead of Key U.S. Jobs Report 
Apple Challenges India Antitrust Probe, Says CCI Copied Rivals’ Claims in App Store Case 
Michael Burry Shorts Tesla at $416 as AI and Semiconductor Bearish Bets Expand 
Australia Sues Amazon Over Prime Video Ads and Subscription Terms 
Kawasaki Heavy Shares Slide on Report of ¥200 Billion Capital Raise Plan 
Super Micro Shares Slide After Taiwan Raids Over Alleged Nvidia AI Chip Smuggling Probe 
Asian Currencies Slip as Dollar Holds Firm, Yen Near Four-Decade Low Ahead of Fed, Jobs Data 
Chip Stocks Rally as Samsung and SK Hynix’s $1.3 Trillion Investment Plan Boosts AI Optimism 
UK House Prices Hold Steady in June as Annual Growth Misses Forecasts 
Anthropic Brings Claude AI Models to Microsoft Azure Foundry With NVIDIA Blackwell GPUs 
SK On Co. said on Tuesday, March 22, that it is welcoming the European Union's green light for the $230 million aid for SK Innovation's electric vehicle battery facility. The extra funding from Hungary will be put in for the ongoing construction of the Korean firm's battery plant in Ivancsa, located in the south of Budapest.
SK On said it welcomes the EU's decision for Hungary's aid and made a pledge that it will do its best to contribute to Europe's electrification and decarbonization plans. The company will also commit to helping the local community's development.
As per Yonhap News Agency, the European Commission gave the nod to Hungary's decision to support the construction of SK On's third EV battery factory in the country. It is planning to invest €209 million for the project, and the EU approved it.
With its new battery plant, SK On shared, it is aiming to grow further and become a global battery producer. Its goal is to reach the production of 500 GWh by 2030 because, as of the last quarter of 2021, the company incurred a cumulative order backlog of 1,600 GWh.
Reuters reported that SK On's new plant in Hungary will mainly produce lithium-ion battery cells in addition to battery modules designed for electric vehicles. These batteries are likely to be supplied to major auto brands such as Ford Motor Co., Hyundai Motor Co., Ford Motors, and others since SK Innovation has already been supplying to them.
"The European Commission has found that Hungary's €209 million measure in favor of SK On Hungary is in line with EU State aid rules," the EU said in a press release. "The investment aid will support the construction of a new battery cell manufacturing plant in the Közép-Dunántúl region. The aid will also contribute to the development of the region and job creation, whilst preserving competition."
As mentioned, one of the reasons why the European Commission gave its approval is because the project will help develop the territory and it will open jobs for the locals too. The EU believes that these gains outweigh any possible competition.
Meanwhile, SK On is the battery division of South Korea's energy company, SK Innovation Co. It was only last year when it announced its plans to build its third battery factory in Hungary.
