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“We are aware of the reports and we will be working in the coming days to determine how we can continue supporting our auto sector and workers,” a Canadian government official said. “The jobs of many families are on the line,” said Colin Carrie, a Member of Parliament for Oshawa. “Communities all over Ontario would be devastated if this plant were to close cufflink online uk sale. The U.S.-based automaker has other operations in Canada, including a plant in Ingersoll, Ontario, where it assembles the Chevrolet Equinox..
SEOUL (Reuters) – South Korea’s SK Innovation (096770.KS) said on Monday it will spend 1.14 trillion won ($1.01 billion) to build its first electric vehicle (EV) battery plant in the United States to better compete in the global EV battery market cufflink online uk sale. The plant will have an annual capacity of 9.8 gigawatt-hours of batteries. SK Innovation will begin construction in the southeast U.S. state of Georgia in early 2019, with production targeted for 2022, the company said in a statement. Last month, SK Innovation said it was considering building an EV battery plant in the United States to win customers in one of the world’s top markets for electric vehicles..
SK Innovation, which owns South Korea’s top refiner SK Energy [SKENGG.UL] and a unit of the country’s No.3 conglomerate, supplies its batteries to several global automakers, including Daimler (DAIGn.DE) and Hyundai Motor (005380.KS), but it does not have any U.S clients. “SK Innovation has been actively looking for a production base to secure competitiveness in the battery business in the major global market,” Kim Jun, chief executive of SK Innovation, was cited as saying in the statement cufflink online uk sale.
“With our business in the hub of the global auto industry, we will grow as a top player in the battery business,” he said. SK Innovation’s cross-town rival, LG Chem (051910.KS), runs an electric battery factory in Michigan that supplies batteries to General Motors (GM.N). SK Innovation operates battery plants at home and has plans to build battery plants abroad, including in Hungary and China cufflink online uk sale. In October, it said it plans to invest 400 billion won in a plant to produce key EV battery parts in China..
FRANKFURT (Reuters) – The proposed alliance between Volkswagen (VOWG_p.DE) and Ford (F.N) shows that the days of carmakers going it alone are over, as tariffs, new technology and tougher emissions rules fragment markets that were once global. It and similar tie-ups may be the fulfillment of late Fiat chief executive Sergio Marchionne’s 2015 prediction of a new era of auto industry consolidation. Firms that once sought a vehicle with universal global appeal to create economies of scale are now seeking advantages in specific market segments like hybrid SUVs, North American pickup trucks or European city cars cufflink online uk sale.