South Korean EV battery manufacturer SK On is grappling with a critical situation due to weak electric vehicle sales in Europe and the United States. In response to these challenges, CEO Lee Seok-hee has made and outlined plans for significant cost-cutting measures as part of an “emergency management” strategy, according to a letter addressed to the company’s employees.

SK On, in partnership with Ford Motor Company, operates a joint venture named BlueOval SK, which is dedicated to producing batteries for Lincoln and Ford electric vehicles. BlueOval SK is scheduled to commence operations at its battery manufacturing facilities in Glendale, Kentucky, and Stanton, Tennessee, starting next year.

Additionally, SK On, a branch of SK Innovation, employs approximately 2,600 workers at its two EV battery plants located in Commerce, Georgia.According to the official SK website, SK On provides high-quality batteries globally, focusing on safety and performance. Its batteries are based on high-nickel technology, and the company is able to provide different types of batteries depending on what client wants. With global production bases in North America, Europe, and Asia, it ensures efficient manufacturing and supply. The company emphasizes strict quality standards and automation to enhance production. SK On invests in R&D for next-generation batteries, aiming to improve stability, performance, and versatility for various applications beyond electric vehicles.

SK On’s advanced technologies include Z-folding for enhanced safety by preventing electrode contact, dual-layer coating for better conductivity and fast charging, and high-nickel cathodes for improved energy density and performance. Since SK On introduced the NCM622 battery to electric vehicles in 2014, it also claimed to have set new industry standards with the NCM811 and NCM9½½. Its future goal is to achieve an energy density of 1,000 Wh/L or higher.