Kentucky Gov. Andy Beshear met with officials from Korea's major electric vehicle (EV) battery and materials companies in a bid to attract additional investment to the U.S. state, industry sources said Monday.
SK On's CEO emphasized R&D for a competitive edge in the EV battery market at the SK Innovation Global Forum.
SK On will freeze the salary of its executives until the battery maker turns a profit.
The Korean battery maker signed an agreement with the U.S. energy giant to supply up to 100,000 tons of lithium for its battery plants in the U.S.
SK On, the battery manufacturing unit of SK Group, dismissed its chief commercial officer amid contracting global demand and the group's restructuring efforts, industry sources said Wednesday.
SK Inc. has partnered with Zhejiang Geely Holding Group to cooperate on EV batteries and auto parts.
SK Innovation's Q1 operating profit beat expectations, but battery subsidiary SK On continued operating at a loss due to declining demand.
SK On's cobalt-free EV batteries won bronze at the 2024 Edison Awards.
Daegu-based L&F, which counts Tesla among its clients, will provide SK On with enough material to make batteries for 3 million EVs by 2030.
Domestic battery makers are all pursuing cheaper lithium iron phosphate batteries with a production goal of 2026 in bid to chip away at the market strength of China's CATL and BYD.
Korea JoongAng Daily Sitemap