Simply_Super
SK On, a South Korean maker of electric vehicle batteries, said it was in crisis because its customers are struggling with lackluster electric vehicle sales in Europe and the United States, the Financial Times reported on Sunday.
CEO Lee Seok-hee plans to cut costs as part of the company's “emergency management,” the paper reported, citing a letter to employees.
SK On and Ford Motor (New York Stock Exchange:F) have a joint venture called BlueOval SK to make batteries for Ford and Lincoln electric vehicles. Starting next year, BlueOval SK will operate battery factories in Glendale, Kentucky, and Stanton, Tennessee, according to Your website.
SK On, a subsidiary of SK Innovation, also employs about 2,600 people at two electric vehicle battery plants in Commerce, Georgia, according to Your website.
BlueOval SK Battery Park in Glendale, Kentucky. Photo: BlueOval SK
