SK On, a Korean battery manufacturer, anticipates a second-half business turnaround.

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SK STRENGTHENS TIES WITH HYUNDAI MOTORCompany officials said SK On’s recent decision to transform battery production lines at its second US plant in Georgia to produce battery cells for Hyundai Motor Co.’s vehicles instead of its other client Ford Motor Co.is also encouraging.

The company attributed its worsening losses to reduced US battery subsidies as SK On’s clients and automakers slashed electric vehicle production amid a slower-than-expected EV uptake worldwide.“Our US clients tried to use up their battery inventories instead of ordering new battery cells from us.

SK On’s crosstown rival and the world’s No.2 battery maker LG Energy Solution Ltd.has posted strong profits in recent quarters thanks to US tax credits it received for its batteries made in the US and Korea under the Advanced Manufacturing Production Credit (AMPC) program.

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Category: Economy

Markets: South KoreaChinaGeorgiaHungary

Topics: Officials On’s Production Company Korea Second Market Battery Year Operating Profit

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-04-29 @ 20:50:04 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 799 words

Reading Time: 5 minutes read

Sentences: 31 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 20822571

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