SK On is said to declare ‘emergency’ as EV sales disappoint (NYSE:F)

SK On, a South Korean maker of batteries for electrical autos, mentioned it was in disaster as a result of its clients are battling lackluster EV gross sales in Europe and the US, the Monetary Occasions reported Sunday.

Chief Government Lee Seok-hee plans to chop prices as a part of the corporate’s “emergency administration,” the newspaper reported, citing a letter to workers.

SK On and Ford Motor (NYSE:F) have a three way partnership known as BlueOval SK to make batteries for Ford and Lincoln EVs. Beginning subsequent 12 months, BlueOval SK will run battery factories in Glendale, Kentucky, and in Stanton, Tennessee, based on its web site.

SK On, a subsidiary of SK Innovation, additionally employs about 2,600 folks at two EV battery vegetation in Commerce, Georgia, based on its web site.

BlueOval SK Battery Park in Glendale, Kentucky. Picture: BlueOval SK