SK On, a Korean battery maker, posted a profit in the third quarter for the first time since its establishment three years ago.
Battery maker SK On will raise 1 trillion won ($750 million) through a third-party capital increase to improve its financial structure following 11 consecutive quarters of losses.
Battery maker SK On is offering voluntary resignation packages in a bid to turn a profit this year for the first time ever by trimming its workforce.
SK Innovation remained in the red due to weak oil prices in the second quarter, with its battery-making arm, SK On, failing to turn a profit for the 11th consecutive quarter.
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.
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