# Battery Maker SK On Declares 'Emergency' As EV Sales Disappoint

**URL:** <https://onehack.st/t/battery-maker-sk-on-declares-emergency-as-ev-sales-disappoint/286889>\
**Category:** News & Articles\
**Tags:** business\
**Created:** [July 14, 2024, 10:41am UTC](https://onehack.st/t/battery-maker-sk-on-declares-emergency-as-ev-sales-disappoint/286889 "2024-07-14T10:41:05Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![TheJoker](https://onehack.st/user_avatar/onehack.st/thejoker/32/22660_2.png) [@TheJoker](https://onehack.st/u/TheJoker)\
**Post date:** [July 14, 2024, 10:41am UTC](https://onehack.st/t/battery-maker-sk-on-declares-emergency-as-ev-sales-disappoint/286889/1 "2024-07-14T10:41:05Z")

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**Summary:**

1. **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.

2. **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).

3. **CEO Lee Seok-hee** announced cost-cutting measures, urging employees to unite in overcoming the crisis.

4. **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.

[Read more on Financial Times](https://archive.md)