SEOUL -- Three major South Korean battery makers suffered sharp declines in annual sales as global demand for electric vehicles declined, forcing them to reconsider plans to ramp up production.
SK On's sales dropped 51% to 6.27 trillion won ($4.33 billion) last year, while its operating loss widened to 1.13 trillion won. This marked the first year-on-year drop in sales since parent company SK Innovation began breaking out earnings for its battery business in 2017.
