Latest news with #SKOnCompanyLtd
Yahoo
29-04-2025
- Automotive
- Yahoo
SK On in battery deal with US EV start-up Slater Auto
South Korean battery manufacturer SK On Company Ltd announced this week that it has signed a supply agreement with US-based electric vehicle (EV) startup Slate Auto, strengthening the company's position as a leading battery supplier to the North American automotive industry. SK On signed an initial agreement to supply around 20 gigawatt-hours (GWh) of US-made nickel-cobalt-manganese (NCM) batteries to Slate between 2026 and 2031, with an option to increase volumes if required. The batteries will be used to power the automaker's recently unveiled electric pickup truck. SK On, a subsidiary of South Korea's chemicals conglomerate SK Group, has invested heavily to establish a strong early presence in the North American EV supply chain. The company currently operates two battery plants in the US and is building four additional plants in partnership with automakers in the region, including with Ford Motor Company under their Blueoval SK joint venture. SK On's CEO, Lee Seok-hee, said in a statement: 'The partnership with Slate demonstrates how our US manufacturing capabilities are enabling more effective and flexible support for innovative customers. North America is a key market for us, and we are committed to delivering reliable, high-quality batteries that support our partners in making EVs more accessible, while reducing emissions and advancing sustainable mobility.' SK On said the partnership with Slate marks the company's 'strategic move into more affordable EV market segments,' having previously focused more on supplying batteries for premium EV models. Slate's CEO, Chris Barman, pointed out that his company's 'truck platform is so customizable that it can transform from a 2-seater pickup to a 5-seater SUV. SK On's innovative approach and partnership have allowed us to meet our target of delivering a radically affordable vehicle.' "SK On in battery deal with US EV start-up Slater Auto" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
29-04-2025
- Automotive
- Yahoo
SK On in battery deal with US EV start-up Slater Auto
South Korean battery manufacturer SK On Company Ltd announced this week that it has signed a supply agreement with US-based electric vehicle (EV) startup Slate Auto, strengthening the company's position as a leading battery supplier to the North American automotive industry. SK On signed an initial agreement to supply around 20 gigawatt-hours (GWh) of US-made nickel-cobalt-manganese (NCM) batteries to Slate between 2026 and 2031, with an option to increase volumes if required. The batteries will be used to power the automaker's recently unveiled electric pickup truck. SK On, a subsidiary of South Korea's chemicals conglomerate SK Group, has invested heavily to establish a strong early presence in the North American EV supply chain. The company currently operates two battery plants in the US and is building four additional plants in partnership with automakers in the region, including with Ford Motor Company under their Blueoval SK joint venture. SK On's CEO, Lee Seok-hee, said in a statement: 'The partnership with Slate demonstrates how our US manufacturing capabilities are enabling more effective and flexible support for innovative customers. North America is a key market for us, and we are committed to delivering reliable, high-quality batteries that support our partners in making EVs more accessible, while reducing emissions and advancing sustainable mobility.' SK On said the partnership with Slate marks the company's 'strategic move into more affordable EV market segments,' having previously focused more on supplying batteries for premium EV models. Slate's CEO, Chris Barman, pointed out that his company's 'truck platform is so customizable that it can transform from a 2-seater pickup to a 5-seater SUV. SK On's innovative approach and partnership have allowed us to meet our target of delivering a radically affordable vehicle.' "SK On in battery deal with US EV start-up Slater Auto" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
27-01-2025
- Automotive
- Yahoo
SK On agrees to supply EV batteries to Nissan in US
South Korean electric vehicle (EV) battery manufacturer SK On Company Ltd has signed a deal to supply batteries to Nissan Motor Company's vehicle assembly plants in the US, according to local reports citing industry sources. SK On is understood to have agreed to supply Nissan with 20 gigawatt hours (GWh) of batteries, enough to power 300,000 battery electric vehicles (BEVs), in a deal estimated to be worth US$1.8bn. Nissan's BEVs are currently powered by batteries made by China-based Envision AESC, making them ineligible for US subsidies under Inflation Reduction Act (IRA) introduced by the Biden administration in 2022. Loss-making SK On has been expanding aggressively in the US in the last few years to establish an early presence in the region's EV battery market. The company has a battery plant in Georgia and additional capacity is being built to supply the local operations of Ford and Hyundai. The company is also building new capacity in South Korea, Europe and China. SK On has been affected by lower-than-expected growth in BEV demand in key global markets, while the recent election of Donald Trump as the US president has cast more doubt on the segment's medium-term growth potential in the US. SK On had been in negotiations with Nissan since early last year, including the possibility of setting up a joint venture, but the Japanese carmaker appears to have delayed plans to ramp up BEV production in the US due to slower than expected growth in this segment. SK On is now understood to have agreed to begin supplying batteries to Nissan from 2028. Nissan is currently in merger negotiations with Honda Motor, which is expected to result in BEV platform sharing between the two automakers if the merger is completed as planned in 2026. Honda has a separate joint venture agreement with South Korean battery manufacturer LG Energy Solution to produce EV batteries in the US. "SK On agrees to supply EV batteries to Nissan in US" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
