By Ovunc Kutlu
ANKARA (AA) - The European Commission on Tuesday announced that it has approved €209 million ($230 million) in aid for Hungary for the construction of an electric vehicle (EVs) battery plant.
The investment will support the construction of a battery cell manufacturing plant in Hungary's Kozep-Dunantul region by the South Korean conglomerate SK Group.
The EV factory, which will manufacture lithium-ion battery cells and battery modules for electric vehicles, is planned to have an annual capacity of 30 gigawatt hours, the European Commission said in a statement.
SK Group's total investment in the project is estimated as €1.6 billion ($1.76 billion), it added.