SEOUL -- Top executives from South Korean battery maker SK On and its two suppliers -- EcoPro and GEM of China -- must have thought the future was rosy when they signed a memorandum of understanding (MOU) in March to launch a joint venture.
Under the terms of the deal, the venture would produce 50,000 tons of precursor -- a mixture of nickel, cobalt and manganese -- for electric vehicle batteries at the Saemangeum National Industrial Complex, located on reclaimed land on South Korea's west coast, near China.
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