SK On's investments in the US and Europe have not yielded expected returns, affected by US electric vehicle sales

SK On has invested heavily in the U.S. and European markets, but its battery sales have been affected by the failure of U.S. automakers to produce electric vehicles that meet the needs of ordinary consumers. For example, GM originally predicted that electric vehicle sales would reach 1 million by 2025, but actual sales in the second quarter of this year were only 21,930. As electric vehicle sales in the West were far below expectations, the net debt of SK On, a South Korean electric vehicle battery manufacturer, increased from 2.9 trillion won to 15.6 trillion won.