South Korea’s SK Takes Stake in Key Supplier to China’s Electric Car Industry
SK Holdings Co. Ltd. said it has invested about $239 million in a Chinese company that manufactures a key metal for electric-vehicle batteries, a move to tap the country’s booming new-energy vehicle sector.
The investment makes the South Korean conglomerate the second-largest shareholder in Lingbao Wason Copper-Foil Co. Ltd., SK announced Tuesday.
Founded in 2001, Henan-province-based Lingbao is China’s leading manufacturer of copper foil — an integral metal component for batteries that power electric vehicles (EVs). Lingbao has a broad customer base that includes domestic battery giants BYD Co. Ltd. and Contemporary Amperex Technology Co. Ltd. (CATL), as well as foreign competitors such as Japan’s Panasonic Corp.
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