The alliance is expected to invest around $166.4m in the construction of a battery pack plant, which will manufacture battery packs enough to power approximately 10,000 EVs annually by the second half of 2014.
This manufacturing plant is anticipated to increase its production capacity to power 30,000 EVs by 2017.
As per the agreed terms, SK Innovation will provide battery cells that are manufactured in its Seosan factory exclusively to the joint venture until it completes its own manufacturing facility.
According to the partners, a battery pack will feature any number of individual battery cells.
SK Innovation noted that the joint venture will grow into the biggest EV battery manufacturer in China by generating annual sales of around $175m.
