SK Innovation held a groundbreaking ceremony for its first European lithium-ion battery factory in Hungary.

SK Innovation battery cell

The site will start production in early 2020, and ultimately is expected to supply 7.5 GWh of cells annually.

SK Innovation intends to invest 840.2 billion won ($777 million) in the facility by 2022, which sounds like $100 per 1 GWh of installed production capacity.

SK Innovation follows Samsung SDI and LG Chem that earlier began construction of their facilities respectively in Hungary and Poland.

There is tremendous demand for EV batteries expected in Europe and it seems that those three South Korean manufacturers are all-in.

SK Innovation was so far one of the smaller battery manufacturers, having only one 3.9 GWh plant, but this new site changes everything.