South Korea's SK On has signed a KRW 15 trillion ($10.3 billion) contract with Japan's Nissan for battery supply in the US. According to an SK On regulatory filing, SK Battery America will deliver 99.4 gigawatt-hours of batteries to Nissan North America's plant in Canton, Mississippi, under a six-year agreement spanning 2028 to 2033.
The batteries, intended to power four EV models (two sedans and two SUVs), will be manufactured at SK On's US factories. The company already operates a factory in Georgia and is constructing additional facilities in partnership with Hyundai and Ford in Georgia, Kentucky, and Tennessee.
SK On projects its production capacity to reach 180 GWh this year as new manufacturing lines are commissioned in the US and China. Currently, SK On operates nine facilities across South Korea, China, Hungary, and the US with a combined design capacity of 121 GWh. Despite this, SNE Research reported a drop in SK On's global battery shipment volume from 57 GWh in 2023 to 31 GWh last year.
