https://www.koreatechtoday.com/ev-battery-maker-sk-on-declares-emergency-management-ft/
EV Battery Maker SK On Declares ‘Emergency Management
EV Battery Maker SK On Declares ‘Emergency Management
The company has announced extended layoffs at its plant in Georgia and delayed the launch of a second plant in Kentucky, a joint venture with its principal US customer, Ford.
While Chinese companies CATL and BYD dominate the global battery market with a combined share of 53.2%, South Korean firms like LG, SK, Samsung SDI, and Japan’s Panasonic are expected to capture growth opportunities in Western markets.
According to the Financial Times, efforts in Washington and Brussels to curb the influx of Chinese batteries have created a window of opportunity for non-Chinese battery manufacturers, including SK On, which has benefited from subsidies under President Joe Biden’s Inflation Reduction Act.
However, Tim Bush, a Seoul-based battery analyst at UBS, noted that South Korean battery makers have been “badly let down” by US car manufacturers. These manufacturers have struggled to produce EVs appealing enough to meet their sales projections. For instance, General Motors had forecasted selling 1 million EVs by 2025 but sold just 21,930 units in the second quarter of this year.



