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Industry
SK On shifts to sole CEO Yong-wook Lee as Seok-hee Lee steps down
SK On will shift to a sole CEO structure led by Yong-wook Lee after Seok-hee Lee said he would step down as CEO at the end of May. The move ends the co-CEO system launched in October last year after about seven months. Lee cited health and stamina issues. His resignation was delayed until key management issues were wrapped up, including a restructuring of the BlueOval SK U.S. joint venture with Ford and a conversion of the Tennessee plant into a standalone entity.
Industry
K-battery big three look to ESS to offset EV losses
South Korea’s three main battery makers are accelerating a shift toward energy storage systems (ESS) to help offset weak electric-vehicle demand this year. Analysts expect LG Energy Solution’s ESS revenue to surge, while Samsung SDI is seen securing large orders and converting North American lines to ESS output. SK On is restructuring to enable ESS supply and adding safety technology. AI data centre power demand is seen boosting U.S. ESS needs, though fixed-cost burdens and tariff uncertainty remain risks.
Industry
K battery makers sink deeper into losses this year, eye ESS and robots as exit
LG Energy Solution, Samsung SDI and SK On are expected to re-enter a loss-making phase as slowing electric vehicle demand cuts utilisation rates and cancellations add to fixed-cost burdens. Analysts point to uncertainty tied to U.S. incentives and customers, while the government has voiced concern over the three-company structure. Energy storage systems are seen as a near-term outlet, alongside supply-chain shifts away from China and growing interest in robot batteries.