South Korean battery manufacturer SK On has announced plans to implement voluntary redundancy programs for its employees in response to the current slowdown in electric vehicle (EV) demand. The company aims to streamline its workforce and enhance efficiency to navigate the shifting EV market conditions.
The voluntary redundancy package includes options for early retirement or unpaid leave to pursue a degree, with 50% of the fees subsidized by SK On. The company emphasizes that these measures are proactive steps to establish a lean and agile workforce, ensuring sustainable growth.
Despite its ambitions to become a top-tier battery maker, SK On has yet to record a net profit since its separation from SK Innovation in 2021. The company, which supplies batteries to Ford and Hyundai Motor, has around 3,558 employees in South Korea and subsidiaries in Hungary, the US, and China.
SK On remains committed to supporting the career development of its employees who have contributed to the company's success, even as it takes necessary steps to adapt to the evolving EV market landscape.
