|Bid||134,500.00 x 0|
|Ask||135,000.00 x 0|
|Day's Range||133,000.00 - 135,500.00|
|52 Week Range||132,000.00 - 193,000.00|
|Beta (5Y Monthly)||0.69|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jan 31, 2020|
|Forward Dividend & Yield||8,000.00 (5.90%)|
|Ex-Dividend Date||Jun 27, 2019|
|1y Target Est||259,000.00|
LAS VEGAS/SEOUL (Reuters) - South Korea's SK Innovation Co Ltd plans to build a second electric vehicle (EV) battery plant in the United States and is considering expanding another factory in Hungary to meet soaring demand for EV cells, its chief executive told Reuters. Kim Jun also said he expects more Asian manufacturers to make batteries in the United States instead of importing them to avoid tariffs and meet demand from U.S. automakers locally. SK Innovation's second plant at its under-construction production site in the U.S. state of Georgia could have a capacity equivalent to 10 GWh, Kim said, declining to identify customers.
South Korean battery maker SK Innovation has signed a six-year deal to buy up to 30,000 tonnes of cobalt from miner Glencore, allowing it produce batteries for 3 million electric vehicles. Hit by oversupply, cobalt prices have shrunk from $95,000 per tonne in May 2018 to around $35,000 now. The slump has weighed on Glencore's share price and prompted the company to reduce output of the battery metal.
In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States. With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States.
In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States. With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion (£1.3 billion) factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States. LG Chem (LGC) had other ideas.
One Australian project to supply materials to the battery sector was put on hold on Friday and another lost its sole customer as a prolonged downturn in prices amid slowing electric vehicle (EV) sales in China darkened the near-term outlook for demand. Major lithium producer Albemarle, which took control of Australia's Mineral Resources, moved its Wodgina lithium mine straight to care and maintenance due to "challenging" market conditions. Also on Friday, an agreement for battery materials mine developer Australian Mines Ltd to supply cobalt and nickel to South Korean battery maker SK Innovation Co Ltd from its Greenvale mine collapsed, with the companies blaming each other for not meeting agreed terms.
A feud between two South Korean battery makers escalated on Friday as SK Innovation Co Ltd said it plans to sue bigger rival LG Chem Ltd in the United States over alleged patent infringement related to electric vehicles (EV). The proposed new lawsuit by SK Innovation drew a swift denunciation from LG Chem, which called the action "groundless" and said it would seek compensation. The two companies have been at loggerheads since LG Chem sued SK in the United States in April for alleged theft of trade secrets by hiring former LG Chem employees.
Moody's Investors Service has changed the outlook on the ratings for SK Innovation Co. Ltd. (SKI) and SK Global Chemical Co., Ltd. (SKGC) to negative from stable. At the same time, Moody's has affirmed the Baa1 issuer ratings of SKI and SKGC and the senior unsecured bond rating of SKI.
South Korea halted all imports of Iranian oil in May, customs data showed on Saturday, as waivers on U.S. sanctions against Iran ended at the start of last month. The world's fifth-largest crude oil importer was among countries granted six-month waivers by the United States in November last year, and resumed Iranian oil imports from January this year after a four-month hiatus. SK Innovation, the owner of South Korea's top refiner SK Energy and petrochemical maker SK Incheon Petrochem, said in late May that it has been replacing Iranian condensate with crude oil from other sources, including Qatar and Russia.
Samsung initially agreed to deliver batteries for just over 20 gigawatt hours, enough to power 200,000 cars with 100 kilowatt hour packs, before different views on production volume and schedule emerged during detailed negotiations, said the people, who asked not to be identified as the talks are confidential. The impasse cut pledged supplies to less than 5 gigawatt hours, they said. Access to vast amounts of batteries to power a growing number of electric vehicles has emerged as a new battleground for global automakers amid capacity constraints, supply bottlenecks and limited access to raw materials.
Asia's oil refiners are considering reducing output after margins slumped to their lowest for the season since 2003, according to industry sources and Refinitiv data. Companies that planned to trim output include SK Energy, a unit of SK Innovation, the Singapore Refinery Company (SRC), owned by PetroChina and Chevron Corp, four people familiar with the matter said. In China, independent refiners known as 'teapots', which account for about a fifth of the country's crude imports, operated at below 50% of capacity on average in April through May, versus 64% in the first quarter, said Zang Wengang, an analyst with Sublime Information Co.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of SK Innovation Co. Ltd. Hong Kong, May 03, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of SK Innovation Co. Ltd. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Electric vehicle battery maker LG Chem said it has sued its South Korean peer SK Innovation in the United States for alleged theft of trade secrets. LG Chem and its American unit have filed a lawsuit against ...
SEOUL/SINGAPORE (Reuters) - South Korea will likely return to a familiar game plan to replace Iranian oil it will no longer have access to after May now that the United States intends to tighten sanctions on Iranian exports. South Korea is the biggest buyer of Iranian condensate, an ultra-light oil prized by the country's refiners as a raw material for petrochemicals manufacturing. SK Incheon Petrochem Co Ltd, Hyundai Oilbank Corp and Hanwha Total Petrochemical are set to once again scan the world for alternative, but more expensive, condensate supplies and snap up heavy naphtha oil products for their processing units, known as splitters, industry sources and analysts said.
The Trump administration on Thursday estimated that its new North American trade deal will create 76,000 automotive sector jobs within five years as automakers invest some $34 billion in new plants to comply with the pact's new regional content rules. The forecasts from the U.S. Trade Representative's office were released ahead of an independent trade panel's hotly anticipated analysis that economists expect to show little or no U.S. gains from the new U.S.-Canada-Mexico Agreement. A USTR official told reporters that the jobs and investment estimates are based on plans disclosed by automakers to the trade agency for compliance with the new agreement's tighter rules of origin.
SHANGHAI (Reuters) - Volkswagen is pushing its joint venture partners including SK Innovation (SKI) to build electric car battery plants which have at least one Gigawatt manufacturing capacity, Chief Executive ...
SK Innovation Co Ltd is in talks to set up separate battery-making joint ventures with Volkswagen AG and Chinese partners, as the South Korean petrochemicals producer aggressively expands its involvement in electric vehicles (EVs). The company confirmed talks with Germany's Volkswagen for the first time, telling Reuters the pair were discussing building a factory together. It also said it was on the cusp of agreeing to build a plant in China with undisclosed partners.