'2 Years Since Launch' SK On Doubles Production Capacity and Workforce... Sales Increase 3.5 Times

SK On celebrated its 2nd anniversary on the 1st of this month. Just two years after being spun off from SK Innovation's battery business division, SK On has shown remarkable growth. Not only has it grown in terms of sales and production capacity, but it has also proven its competitiveness by receiving numerous credible awards for its technology. Let's look at SK On's achievements since its establishment in numbers.

Quarterly sales increased 3.5 times... Production capacity and number of employees doubled in a year and a half

The most straightforward indicator of SK On's growth is its sales. SK On's quarterly sales rose from KRW 1.0665 trillion in Q4 2021 to KRW 3.6961 trillion in Q2 2023, a 3.5-fold increase. Since its launch, SK On has maintained six consecutive quarters of sales growth, with a compound quarterly growth rate (CQGR) of 23%.

Thanks to this growth, sales in the first half of this year exceeded KRW 7 trillion. Considering that last year's annual sales were KRW 7.6177 trillion, SK On achieved over 90% of the previous year's sales in just half a year.

SK On's global production capacity (CAPA) also increased significantly from 40GWh at launch to 89GWh by the end of September 2023. During the same period, the number of global production plants grew from 5 to 8. The domestic workforce, which was 1,445 at launch, increased 2.4 times to 3,411 as of September this year. This means about 100 new employees were hired every month.

Raised about KRW 4.8 trillion through pre-IPO... SK On recognized for its technological prowess

From December last year to June this year, SK On raised a total of about KRW 4.8 trillion through a pre-IPO (Initial Public Offering). This exceeded the initial target of KRW 4 trillion by approximately 20%. Successfully securing pre-IPO equity investment amid a challenging global financial environment signifies that the capital market shares confidence in the growth potential of the electric vehicle battery market and SK On's development prospects. SK On plans to use the secured funds as a springboard to accelerate the establishment of a global battery supply chain and improve financial soundness.

Continuous investment in technology and research and development (R&D) has also shone through. SK On won awards at CES, the world's largest consumer electronics and IT exhibition, for two consecutive years in 2022 and 2023. Additionally, in April this year, SK On received the bronze award in the 'EV Battery Enhancement' category at the 2023 Edison Awards, the highest invention award in the United States, for its NMC9 battery.

An SK On official stated, "We will not rest on the achievements of the past two years but will dedicate ourselves to technology development, securing core technologies, diversifying our portfolio, and acquiring customers to prepare for the next decade."

This content was produced with the assistance of AI translation services.