https://www.ft.com/content/5affede6-1f1d-458e-b4d0-e2e7e902dcca
Battery maker SK On declares ‘emergency’ as EV sales disappoint Supplier to Ford and Volkswagen may have to be rescued by its South Korean parent as losses mount SK On has invested aggressively in battery manufacturing based on electric vehicle sales projections by western carmakers that have proved too optimistic
SK On, the world’s fourth-largest EV battery maker behind Chinese giants CATL and BYD and South Korean rival LG Energy Solution, has recorded losses for 10 consecutive quarters since being spun off by its parent company in 2021. Its net debt has increased more than fivefold, from Won2.9tn ($2.1bn) to Won15.6tn over the same period, as western EV sales have fallen far short of its expectations….
The definitive EV thread. No spin. No BS., page-848
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