Battery Maker SK On Declares 'Emergency' as EV Sales Disappoint

SK On, a South Korean EV battery manufacturer, declares a "emergency" as its clients suffer dismal EV sales in Europe and the United States. CEO Lee Seok-hee pledges cost-cutting and operational improvements to meet the issue.

Credit: REUTERS

In reaction to the difficult market conditions, CEO Lee Seok-hee proposed a series of cost-cutting and working-practice reforms, presenting them as a "emergency management" strategy in a letter to employees. SK On, a South Korean EV battery manufacturer, has declared a "emergency" as its clients face dismal EV sales in Europe and the United States.

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• SK On, a South Korean EV battery producer, declares an "emergency" as its customers face disappointing EV sales in Europe and the U.S.

• Chief Executive Lee Seok-hee announces cost-cutting and working-practice measures to address the crisis.

Source: REUTERS