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South Korean battery supplier SK On is cutting jobs to “better navigate EV market conditions.” SK On has faced challenges this year resulting from a slowdown in the electric vehicle market.
“These are proactive measures to establish a lean, agile workforce, so that we can better navigate shifting EV market conditions.
“While the company pushes to improve efficiency and secure grounds for sustainable growth, we are fully committed to supporting the career development of our employees who have contributed to our success in becoming a top-tier battery maker,” said SK On.
SK On plans to offer employees special leave and voluntary departure options. Workers who joined the company before November 2023 may opt to receive a voluntary package that will give them 50% of their salaries if they choose to leave. A regulatory filing reveals that the company had 3,558 employees at the end of June 2024.
SK On has not reported profit since it split from SK Innovation in 2021. The company reported an operating loss of $346 million between April and June. In Q1 2024, SK On reported an operating loss of $250 million.
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