SK On, a South Korean battery firm, freezes executive-level pay and implements cost-cutting measures amidst reported losses.
South Korean battery firm SK On, part of SK Group, will freeze executive-level pay until profitability is reached, as part of cost-cutting measures. The company reported losses of 581.8bn won in 2022 and 331.5bn won in Q1 2023. Despite facing challenges in the global EV market, SK On plans to invest in R&D and reorganize sales operations to enhance competitiveness in car battery manufacturing.
July 01, 2024
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