As of October 1, 2023, SK On celebrates its 2nd anniversary, having achieved remarkable results over the past two years. Not only has it experienced significant growth in various metrics, including revenue, but it has also proven its competitiveness by winning numerous prestigious awards for its technological capabilities. Let’s take a look at SK On’s achievements in numbers since its inception.
A clear indicator of SK On’s growth is its revenue. The quarterly revenue increased from 1.0665 trillion won in Q4 2021 to 3.6961 trillion won in Q2 2023, a 3.5-fold increase. SK On has maintained a continuous growth trend for 6 consecutive quarters, recording an average quarterly growth rate (CQGR) of 23%.
Thanks to this growth trend, revenue for the first half of this year exceeded 7 trillion won. Considering that the annual revenue for 2022 was 7.6177 trillion won, this means more than 90% of last year’s revenue has been achieved in just half a year.
SK On’s global production capacity has also seen a significant increase from 40 GWh at launch to 89 GWh by the end of September 2023. During the same period, the number of global production plants expanded from 5 to 8.
The number of domestic employees, which was 1,445 at the company’s inception, increased by 2.4 times (to 3,411) as of September this year, representing an additional hiring of about 100 employees each month.
From December 2022 to June 2023, SK On raised more than 4.8 trillion won through a pre-IPO that exceeded its original target of 4 trillion won by approximately 20%. This successful fundraising amid a challenging global financial environment signifies the market’s recognition of the growth potential in the electric vehicle battery sector and SK On’s advancements. SK On plans to use the secured funds to accelerate the establishment of a global battery supply chain and enhance financial stability.
Continuous investment in technology and research and development (R&D) has also paid off. SK On received awards at CES, the world’s largest consumer electronics show, in both 2022 and 2023. Additionally, in April of this year, it won a bronze medal in the ‘EV Battery Improvement’ category at the 2023 Edison Awards in the United States for its NMC9 battery.
An SK On representative stated, “We will not rest on the achievements of the past two years, but will dedicate ourselves to technology development and securing core technologies, diversifying our portfolio, and acquiring customers to prepare for the next decade.”
Lee Sang-jin daedusj@autodiary.kr