Thursday, July 25, 2024

Delivers to several car brands – now they are going bankrupt

South Korean SK On, which supplies several car brands, is now so pressured by deficits and debts that it is about to go bankrupt.

South Korean SK On, which supplies battery packs for Hyundai, Kia, Ford, Ferrari and Polestar, is on the verge of bankruptcy.

In any case, the company admits that after ten quarters in a row with losses, and a debt that has increased fivefold to DKK 72 billion, that its back is against the wall.

– We have our backs against the wall, we should all pull together, writes managing director Lee Seok-hee.

The Financial Times writes that.

READ ALSO: Russia caught in the crossfire – Zelensky has not bought a Bugatti

It is especially Chinese battery manufacturers such as BYD and CATL, and their own price war, which is spreading like ripples in water and thus putting pressure on the others in the battery industry. Together, the two Chinese companies have a market share of 53.2 percent.

It is especially the car factories' slowdown – and motorists' declining desire for electric cars – that is hitting the market hard. The sub-suppliers have planned and already started huge investments.

Investments that both the car buyers and the factories, at least right now, will not participate in. However, SK On are not the only ones who are having a hard time at the moment. For example, BMW has just slipped away from Sweden with a contract worth 14 billion kroner. Read more about it here .

Read more exciting news from and about the world of cars right here!

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