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SK On, a South Korean maker of batteries for electric vehicles, said it was in crisis because its customers are struggling with lackluster EV sales in Europe and the United States, the Financial Times reported Sunday.
Chief Executive Lee Seok-hee plans to cut costs as part of the company’s “emergency management,” the newspaper reported, citing a letter to employees.
SK On and Ford Motor (NYSE:F) have a joint venture called BlueOval SK to make batteries for Ford and Lincoln EVs. Starting next year, BlueOval SK will run battery factories in Glendale, Kentucky, and in Stanton, Tennessee, according to its website.
SK On, a subsidiary of SK Innovation, also employs about 2,600 people at two EV battery plants in Commerce, Georgia, according to its website.
BlueOval SK Battery Park in Glendale, Kentucky. Photo: BlueOval SK