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Supply Chain

South Korea's top 3 battery makers see earnings slide on EV slowdown

LG Energy Solution, SK On and Samsung SDI have been building up production capacity

SK On recorded its biggest quarterly operating loss since the battery maker launched in 2021.   © Reuters

SEOUL -- South Korea's three leading EV battery makers have reported lower sales and profits for the second quarter, hit by a downturn in electric vehicle production in North America and Europe.

SK On took in 1.55 trillion won ($1.13 billion) in sales during the three months through June, down 58% from the same period last year, parent company SK Innovation reported Thursday. This marked the third straight quarterly decline for the battery supplier.

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