EV sales decline, and battery manufacturer SK On announces an “emergency”

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EV sales decline, and battery manufacturer SK On announces an
EV sales decline, and battery manufacturer SK On announces an "emergency”

SK On, a South Korean manufacturer of EV batteries, has filed for bankruptcy as its clients struggle with sluggish EV sales in Europe and the US.

As its clients battle with weak EV sales in Europe and the US, a South Korean manufacturer of EV batteries, SK On, has declared bankruptcy, according to a source. The source cited a letter to staff from Chief Executive Lee Seok-hee, who announced a number of cost-cutting and working-practice adjustments on Monday, characterizing them as a condition of “emergency management.”

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