Search results for BlueOval SK
Industry
U.S. midterm election nears as Korean battery makers face crossroads over AMPC tax credit defence line
With the Nov. 3 U.S. midterm election approaching, Korean battery makers face renewed political bargaining over tax credits. EV purchase subsidies have already been abolished, while the advanced manufacturing production credit, or AMPC, has been defended at a 25 percent credit through 2032. Companies with large North American bases are reshaping operations to withstand policy shifts, including moving from joint ventures to wholly owned plants and shifting production toward energy storage systems.
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.
