SK On logs record quarterly loss on sluggish EV market

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Its key customer Ford cut investments in electrification.“Sales of the Ford F-150 Lightning pickup kept growing,” said an SK On official.“We are in talks with multiple global automakers in addition to the existing clients for new supply deals,” the official said.“We are also discussing with customers to supply prismatic batteries we developed.”SK On’s parent SK Innovation Co.expected battery demand to increase thanks to new EV models in the second half.

SK INNOVATION NARROWS LOSSSK Innovation, South Korea’s top energy company, said its operating loss more than halved to 45.8 billion won in the second quarter on a consolidated basis from the 106.8 billion won deficit a year earlier.Sales edged up 18.8 trillion won.

The battery supplier to Hyundai Motor Co.and Ford Motor Co.earned 111.9 billion won from the US advanced manufacturing production credit (AMPC) in the April-June 2024 period while the operating loss a year ago reflected the tax benefits of 167 billion won for the first half of 2023.

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Category: Economy

Markets: South KoreaHungaryIndia

Topics: Second Year Ford Company Quarter Trillion Loss Battery Billion Operating South

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-01 @ 19:39:28 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 436 words

Reading Time: 3 minutes read

Sentences: 19 lines

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Copyright Owner: © Korea Economic Daily

News ID: 21885022

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