Korea's electric battery maker SK On predicts 'tangible results' from 2024

"Despite many difficulties early on, we can see tangible results from next year if we overcome such challenges.”

Chey Jae-won, CEO and executive senior vice chairman of South Korean electric vehicle battery maker SK On, said this in stressing staff unity to achieve a turnaround in performance. The company is focusing on improving the efficiency and stability of its global production system and diversifying its product portfolio to return to the black.

"We are all rowers on the same boat," Chey on Wednesday told a town hall meeting at his company's building in Seoul's Gwanhun-dong neighborhood. "The right direction is the one we head together toward.” 

This was the CEO's first town hall meeting since SK On was spun off as an independent corporation in 2021.

The CEO called SK On's sluggish performance a "growing pain."

"Normally, a manufacturing business suffers losses for the first four to five years and then rapidly sees the light," he said. "SK On is growing surprisingly fast even overseas as the fastest growing company in the battery sector."

Posting a deficit of 1 trillion won ($758.1 million) last year, SK ON expects to return to the black in operating profit next year.

The company has enjoyed rapid growth in size since its inception. Its number of employees has doubled from around 1,500 at launch to 3,000.

"Our biggest advantage is the ability to grow by taking on a variety of roles, unlike conventional companies where roles are rigidly fixed," Chey added.

Write to Sungsu Bae at baebae@hankyung.com