Producer
SK On Co., Ltd.
South Korean EV battery cell maker; subsidiary of SK Innovation (SK Group). JV partner with Ford Motor Company (BlueOval SK, Glendale KY and Stanton TN) and Hyundai Motor. KRX-listed parent. SK On is one of the "Big 3" Korean battery makers along with LG Energy Solution and Samsung SDI. SK On was carved out of SK Innovation in 2021 to attract outside investment for US gigafactory buildout under IRA incentives.
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1 input SK On Co., Ltd. supplies
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EV Battery Cells (Automotive)
68%Energy Storage Systems (ESS)
16%Battery Modules & Packs
10%R&D & Next-Gen Battery
6%
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Origin2022
SK On Co., Ltd. was spun off from SK Innovation in October 2021 as a standalone legal entity to facilitate its own capital raising and JV formation, representing the culmination of SK Group's (one of Korea's three largest chaebols) transformation from an oil refiner to a battery and semiconductor materials company. SK Group began as Sunkyong Textiles in 1953, became a petrochemical giant through acquisition of Korea Oil Corporation (which became SK Energy), and in the 2010s identified EV batteries and semiconductor materials as strategic pivots. The Hyundai Kona Electric battery recall (2020-2021, approximately 77,000+ vehicles recalled globally for fire risk) was attributed to manufacturing defects in SK On cells — a recall that cost Hyundai and SK Innovation billions and came during a period when SK was investing aggressively to scale battery production. Despite this setback, SK On secured the Ford BlueOval SK joint venture (two plants in Kentucky, one in Tennessee, total $11.4 billion investment) to supply battery cells for Ford's F-150 Lightning and other US EV platforms. SK On has been consistently operating at net losses despite multi-billion dollar revenues because new battery gigafactory ramp-up costs, yield learning, and startup expenses consistently exceed early revenue — a financial pattern shared with LG Energy Solution and Panasonic's early battery scaling phases.
SK On Co., Ltd. ↗