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SK Innovation Teams-up with Continental AG, Global Auto Parts Maker Contents
title SK Innovation Teams-up with Continental AG, Global Auto Parts Maker
attachment date 2012-01-11 count 18043
- Two partners sign a Head of Agreement (HOA) to jointly develop and manufacture batteries
- Partnership creates a synergy by combining SK’s battery cells with Continental’s battery management system technologies
- Continental’s extensive network with automobile makers will further help win orders

SK Innovation is moving to establish a joint venture with Continental AG, a leading global automotive parts manufacturer.
SK Innovation (CEO Ja-Young Koo, www.SKinnovation.com) announced on January 10 that the company signed a Head of Agreement (HOA) with Continental AG to form a battery joint venture. Joined by Ja-Young Koo, CEO of SK Innovation, and Elmar Degenhart, Chairman of Continental, as well as other officials representing two companies, the signing ceremony took place at the North American International Auto Show in Detroit.
Continental AG is a leading global automotive parts manufacturer that has been supplying chassis, powertrains and tires to automobile manufacturers across the world for over 140 years. Continental AG has leadership in battery management system (BMS) technologies in electric vehicle battery area.
SK Innovation will take a 51% stake in the joint venture and supply battery cells to the venture, while Continental will contribute its battery management system expertise to jointly develop and build the world’s best batteries.
The venture is expected to maximize a synergy in the electric vehicle battery area by joining SK’s advanced battery cell technology that has been proven in supply deals with global automakers across the world with Continental's know how in the BMS and auto parts field.
Given the extensive network with major global automobile makers that Continental has built through its business experience for last 140 years, the joint venture will further help win more customers for electric vehicle batteries.
“Combining SK’s battery cell leadership and Continental’s BMS and automotive parts business know-how, the joint venture will help develop technologies more efficiently and effectively in the electric vehicle battery industry,” said Ja-Young Koo, CEO of SK Innovation, “With the joint venture, we are confident that we will become the market leader in battery systems.”
“The joint venture is ideally positioned to become a technology leader in providing battery solutions to the automotive industry worldwide because both companies are technology leaders in their areas of expertise, and both share a common strategic perspective for future mobility,” stated Elmar Degenhart, Chairman of Continental AG. “Together we will be a powerful team that will work together very effectively in a promising partnership.”
SK Innovation plans to complete the establishment of the new joint venture by the second quarter after the two companies finalize the details. 【The End】

※ About Continental AG
With sales of €26 billion in 2010, Continental is a leading global automotive supplier which has approximately 164,000 employees in 45 countries. As a supplier of brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, automobile electronics, tires and technical elastomers, Continental contributes to enhanced driving safety and global climate protection. Continental is also an expert partner in networked automobile communication.

하단 텍스트 참조

[SK Innovation (CEO Ja-Young Koo, www.SKinnovation.com) said on January 10 (Korean times January 11 ___) that the company signed a Head of Agreement (HOA) with Continental AG to form a battery joint venture. Ja-Young Koo, CEO of SK Innovation (left), and Elmar Degenhart, Chairman of Continental AG (right), are signing HOA at a ceremony held at the North American International Auto Show in Detroit joined by some 20 officials from the two companies.]

하단 텍스트 참조

[SK Innovation (CEO Ja-Young Koo, www.SKinnovation.com) said on January 10 (Korean times January 11 ___) that the company signed a Head of Agreement (HOA) with Continental AG to form a battery joint venture. Ja-Young Koo, CEO of SK Innovation (left), and Elmar Degenhart, Chairman of Continental AG (right), are shaking hands after signing HOA at a ceremony held at the North American International Auto Show in Detroit joined by some 20 officials from the two companies.]

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