Continental Corporation (Continental) and SK Innovation (SK) have agreed to a joint venture to power electric vehicles worldwide. The companies will work together in the development, manufacturing and marketing of lithium ion battery systems for automobiles. Finalization of the deal will likely be completed by mid-2012 and is expecte to position both companies as leaders in battery solutions for the automotive industry. SK will be supplying lithium-ion batteries and Continental will be providing their battery management technology and overall automotive knowledge. Initial operations will be based in Germany and Korea with a combined management team of executives from both companies; it will focus on serving original equipment manufacturers in the automotive industry.