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

South Korean electric vehicle battery maker SK ON said it is in a crisis as its customers face weak electric vehicle sales in Europe and the United States, the Financial Times reported on Sunday.

CEO Lee Suk Hee The company plans to cut costs as part of “emergency management,” the newspaper reported, citing a letter to employees.

SK On and Ford Motor (New York Stock Exchange: FThey have a joint venture called BlueOval SK to make batteries for Ford and Lincoln EVs. Starting next year, BlueOval SK will operate battery factories in Glendale, Kentucky, and Stanton, Tennessee, according to Her website.

SK On, a subsidiary of SK Innovation, also employs about 2,600 people at two electric vehicle battery plants in Commerce, Georgia, according to Her website.

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