What SK On makes

SK On manufactures lithium-ion battery cells, modules, and packs for electric vehicles and energy storage systems. The company's core product is a pouch-type battery cell based on nickel-cobalt-manganese (NCM) cathode chemistry, built for automotive programs where energy density and fast-charge performance are the primary specifications. Its published technologies include Super E, a fast-charging cell architecture, and a Z-Fold electrode stacking process the company says improves structural integrity and cycle life.

Battery packs leaving SK On plants are designed for full vehicle integration, not standalone modules, which means the company's engineering scope runs from cell chemistry through thermal management and pack-level assembly. Beyond automotive, SK On has expanded into stationary energy storage system (ESS) batteries: in August 2026 the company signed a five-year, 9 GWh supply contract with NeoVolta Power valued at roughly 1.5 trillion won, with production planned at its Georgia plant. A subsidiary, SK ie technology, produces lithium-ion battery separators (LiBS), an upstream materials position that gives the group some supply-chain coverage on a critical cell input.

Manufacturing plants operate in Commerce, Georgia; Stanton, Tennessee; Kingston, Georgia (a joint venture plant with Hyundai Motor Group, HSBMA); Yancheng in Jiangsu province, China; and Komarom, Hungary. The US footprint reflects a deliberate strategy to qualify for Inflation Reduction Act domestic content rules, which were a condition of its largest customer relationships through 2024.

Financial performance

SK On reported FY2025 automotive-sector revenue of approximately EUR 4.3 billion, per the Berylls by AlixPartners Top-100 Automotive Suppliers study (2026 edition). That figure represents a 54.5% decline from the EUR 9.5 billion reported for FY2024, the steepest year-over-year drop in the Berylls top-100 ranking. The operating margin for FY2025 was -13.3%, reflecting an operating loss of approximately 9,319 billion Korean won for the calendar year, consistent with figures reported in January 2026 company filings.

The revenue decline is substantially explained by two structural changes rather than purely by volume loss. First, the dissolution of BlueOval SK, the 50-50 joint venture with Ford Motor that operated the Tennessee plant, removed that entity's consolidated revenue from SK On's reported figures when SK On took full sole control in May 2026. Second, Ford reduced its EV production volumes materially during 2024-2025, which had already cut battery off-take under the joint venture before the dissolution. Company filings cited the end of US EV purchase subsidies under the Inflation Reduction Act as an additional headwind in the fourth quarter of 2025, with the Q4 operating loss widening 19% quarter-over-quarter to 441.4 billion won.

FY2025 marked SK On's fourth consecutive year of operating losses since the 2021 spin-off. The company's parent, SK Innovation, publicly reaffirmed its commitment to the battery unit at its March 2026 shareholders meeting, with the CEO describing it as a long-term strategic asset rather than a disposal candidate. By Q2 2026, SK On reported a quarterly operating profit of 8,218 billion won -- the largest since its spin-off -- though the company acknowledged that one-time items including customer compensation and IRA tax credit increases contributed to the result.

Ownership and history

SK On was spun off from SK Innovation Co., Ltd. in October 2021 as a separately incorporated entity. SK Innovation is a mid-cap listed company on the Korea Exchange (KRX) and itself a subsidiary of SK Group, one of South Korea's major conglomerates. Battery research and manufacturing within the SK Innovation organization dates to the early 1990s, when the company began developing lithium-ion technology for small electronics.

The commercial EV battery business expanded significantly through the 2010s, with early supply agreements covering Volkswagen Group and Daimler programs in Europe. The formation of BlueOval SK, the 50-50 joint venture with Ford Motor, was announced in 2021 and reflected a period of aggressive capacity expansion in the US. By May 2026, that joint venture had been fully unwound: SK On took 100% ownership of the Tennessee plant, which was renamed SK On Tennessee, and absorbed the associated debt reduction of approximately 5.4 trillion won in borrowings alongside an estimated $180 million annual reduction in interest expense. Ford's exit from the JV is documented in an SEC 8-K filing dated December 2025.

Headquarters are in Seoul, South Korea. Per company materials, SK Trading International, SK Enterm, and SK Enmove were merged into SK On between 2024 and 2025, consolidating trading and energy businesses into the battery entity.

Certifications and quality

SK On Co., Ltd. holds ISO 9001:2015 certification covering design and manufacturing of battery cells and packs, per the DQS Global certification registry as of May 2025. The Jiangsu subsidiary, SK On Jiangsu Co., Ltd., holds IATF 16949:2016 certification per the DQS registry as of June 2026. The company claims IATF 16949 compliance across its automotive manufacturing operations as a sector requirement; specific site-level certificate details are available from DQS.

Battery cells sold into original equipment manufacturer programs pass through standard automotive qualification procedures including PPAP sign-off at each customer program launch.

Known customers

Frequently asked questions

What does SK On make?

SK On makes lithium-ion battery cells, modules, and packs for electric vehicles and energy storage systems. Its core product is a pouch-type NCM cell. It also manufactures ESS batteries and is expanding into robotics power systems. A subsidiary produces lithium-ion battery separators.

Who owns SK On?

SK On is a wholly owned subsidiary of SK Innovation Co., Ltd., which is itself listed on the Korea Exchange (KRX) and part of SK Group, a South Korean conglomerate. SK Innovation reaffirmed in March 2026 that it has no plans to sell its stake in SK On.

What is SK On's annual revenue?

SK On reported FY2025 automotive-sector revenue of approximately EUR 4.3 billion, down 54.5% from EUR 9.5 billion in FY2024, per the Berylls by AlixPartners Top-100 Automotive Suppliers study (2026 edition). The decline reflects the dissolution of the BlueOval SK joint venture with Ford and reduced Ford EV production volumes.

Where is SK On headquartered?

SK On is headquartered in Seoul, South Korea. Its manufacturing plants operate in Commerce, Georgia (USA); Stanton, Tennessee (USA); Kingston, Georgia (USA, Hyundai JV); Yancheng, Jiangsu (China); and Komarom, Hungary.

Who are SK On's customers?

Documented customers include Ford Motor Company (via the now-dissolved BlueOval SK joint venture), Hyundai Motor Group (MOU for North America supply post-2025; active joint venture plant in Georgia), Nissan (supply deal reported by Reuters, March 2025), and Geely (new customer as of 2025 per The Elec). Volkswagen Group programs were documented in prior years.

Last verified September 2026. Is this your company? Request a correction.