Summary:
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SK On, a leading South Korean EV battery producer, declared an emergency as disappointing EV sales in Europe and the US impact its financial stability.
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The company, spun off in 2021, has recorded losses for 10 consecutive quarters and seen its net debt increase over fivefold to Won15.6tn ($2.1bn).
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CEO Lee Seok-hee announced cost-cutting measures, urging employees to unite in overcoming the crisis.
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US car manufacturers are blamed for failing to produce attractive EVs to meet bullish sales projections, with General Motors selling only 21,930 EVs in Q2 2023 against a forecast of 1 million by 2025.
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