Despite the current economic downturn, South Korea’s top three battery manufacturers are ramping up their investments in infrastructure this year to strengthen their business foundations. According to industry sources on Feb. 18, LG Energy Solution plans to invest approximately 10.9 trillion won in
SK innovation reported on Feb. 6 that its revenue for the last year amounted to 77.2885 trillion won (US$58.2400 billion) with an operating profit of 1.9039 trillion won. Compared to the previous year, revenue and operating profit decreased by 0.98% and 51%, respectively.In the fourth quarter of las
A fire broke out at SK on’s electric vehicle battery factory in China, which was in the process of preparing for operation.According to SK on on Nov. 21, a blaze erupted at the company’s second factory in Yancheng, Jiangsu Province, China. The facility was in the midst of preparations for operation,
Kia’s Chinese joint venture is grappling with the challenge of “complete capital erosion,” struggling to break free from the quagmire. In this situation, local car sales remain sluggish, and with expenses continually increasing, the scale of debt has grown further.According to Kia’s quarterly report
After struggling with subpar yield rates, SK on has now achieved a 90% yield rate in its operations in the U.S. and Europe, following its success in Korea and China. SK on’s business expansion had been hindered due to these low yield rates.According to industry sources on Oct. 12, SK on recently hel
Once recognized as a profitable commodity, secondary batteries recorded their first-ever trade deficit this year.The deficit can be attributed to the Korean battery industry’s expanded overseas investment in response to new trade environments like the U.S. Inflation Reduction Act (IRA) and the sharp
SK ecoplant, together with its subsidiary TES-AMM specializing in recycling waste batteries, will build a waste battery recycling facility in China, the world's largest producer of electric vehicle batteries, to expand its business base in China.SK ecoplant recently announced that it has signed
The three major Korean battery makers -- LG Energy Solution, Samsung SDI, and SK On -- are expected to invest up to 20 trillion won in 2023 to ramp up their production capacities at home and abroad.This year, the three battery makers are expanding their production capacities by 135 gigawatt hours (G
SK On, a battery affiliate of SK Group, has completed an equity investment in Changzhou BTR New Material Technology, a joint venture it established with its Chinese partners EVE Energy and BTR.EVE Energy is a battery manufacturer, while BTR is a developer of battery raw materials. Established in Jan
SK On has finally selected a Chinese company as a supplier of key process equipment for its new battery plants in Hungary and China. It is unusual for SK On to choose a Chinese company, as it has mainly used Korean equipment.SK On has selected China’s Hangke as a supplier of formation process equipm
SK On is moving forward with its ambitious dream of becoming the global No. 1 supplier in the electric vehicle (EV) battery market. Joining hands with Ford, the Korean battery supplier began building the largest battery joint venture in the U.S. last year. In 2022, Koç, a leading investment holding
The Public Investment Fund (PIF) of Saudi Arabia is likely to invest more than 1 trillion won in SK On, a battery-producing subsidiary of SK Innovation. SK On is seeking to attract pre-IPO investment. The PIF, along with a number of global private equity fund (PEF) operators such as Carlyle and KKR,
While LG Energy Solution and SK On are aggressively scaling up their investment in batteries, Samsung SDI is making relatively quiet moves, sparking off rumors and speculations.SK On, a battery subsidiary of SK Innovation, will build a factory with an annual capacity of 30GWh each in Ivancsa of Hung
Kia Corp. will break up with its joint venture partner in China, Dongfeng Motor Corp., after 20 years of partnership.Dongfeng Motor, one of China’s four major state-run automobile groups, is producing automobiles in China under the Dongfeng Yueda Kia brand. Dongfeng Yueda Kia is a three-way joint ve
SK On, a battery subsidiary of SK Innovation that is speeding up the development of lithium iron phosphate (LFP) batteries, has decided to produce pouch-type LFP batteries.LFP batteries are mainly produced by China's CATL and BYD, and these companies specialize in the prismatic type. Jumping int
SK Innovation will reportedly supply batteries to an electric vehicle (EV) maker in China.SK Innovation recently signed a battery supply contract with Xiaofeng, an EV manufacturer in China. Xiaofeng is considered one of the top three EV companies in the country along with Nio and Lixiang and has rec
SK Innovation outclassed Samsung SDI in the global electric vehicle battery usage from January to July 2021. LG Energy Solution remained second after China's CATL.The total amount of batteries used by global electric vehicles from January to July 2021 reached 137.1GWh, up 143.6 percent from the
SK Battery (tentative name), a new company to be created on Oct. 1 to handle SK Group's secondary battery business, is promoting a pre-IPO to raise trillions of won. The envisioned company plans to select investors the moment it is separated from SK Innovation, and complete transactions with the
The author is an analyst of NH Investment & Securities. He can be reached at ys.hwang@nhqv.com. -- Ed. Expected to secure around W2.5tn from asset disposals, SK Innovation should see an easing in short-term financial risks in 2H21. A planned JV with Ford should greater highlight the value of its rec
Hyundai Motor’s IONIQ 5 loaded with batteries from SK Innovation are expected to receive subsidies from the Chinese government starting from the second half of 2021.Hyundai Motor has decided to use pouch-type lithium-ion batteries designed and developed by SK Innovation for the IONIQ 5 in China. The