According to foreign media reports, SK Innovation announced that the company will develop the world's first high-performance electric vehicle battery, aiming to increase the maximum cruising range of electric vehicles to 500 kilometers. The product is expected to be commercialized as early as 2021. The company plans to increase its battery production by more than 20 times in 2025, hoping to become the third largest player in the global battery market through heavy investment and technology research and development.

　　SK Innovation CEO Kim Jun announced the company's growth strategy at a press conference on Monday. The company vowed to comprehensively develop a new generation of NCM (nickel, cobalt, manganese) electric vehicle battery cells. The ratio of the three metal materials is 9 :0.5:0.5. Increasing the nickel metal content of the battery means that the vehicle's cruising range will increase as the energy density increases, but this requires the latest technology to achieve battery stability. Currently, most batteries in the electric vehicle market have a nickel metal content of 50%-60%, and their cruising range is about 300 kilometers.

　　SK Innovation has proposed a new business model - Battery as a Service (BaaS), which is a comprehensive service covering battery production, sales and maintenance, leasing, charging and recycling. The company aims to expand its business into the special and marine industries and will also provide energy storage system solutions in the future.

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