SK On Joint Venture Buildout Timeline (US + Hungary)
| JV / Plant Name | Customer / Location | Status + Production Detail |
|---|---|---|
| Ford BlueOval SK Glendale KY | Ford / Kentucky | Signed 2021; ~$5.8B initial investment; ~43 GWh capacity target (Ford F-150 Lightning + Mach-E + future Ford EV programs). Production began 2024. Dec 2025: Ford BlueOval SK dissolved; Glendale plant transfers to Ford (converts to BESS application, not EV cell) |
| Ford BlueOval SK Stanton TN | Ford / Tennessee | Signed 2021; ~$6B initial investment; ~43 GWh capacity target (BlueOval City megasite with Ford EV truck production). Production planned 2025+. Dec 2025: Ford BlueOval SK dissolved; Stanton TN transfers to SK On standalone ownership (production target 2028 under sole SK On operations) |
| Hyundai-SK On Battery Manufacturing Cartersville GA | Hyundai Motor Group / Georgia | Signed 2023; ~$5B investment; ~35 GWh capacity target (Hyundai + Kia EV programs starting 2025-2026). Production began 2025; ramps through 2026-2027. Hyundai EV demand growth supports utilization |
| SK On Hungary Komarom | Standalone (multi-OEM Europe) / Hungary | Signed 2018; ~$2B investment; ~17 GWh capacity. Production began 2020; serves BMW, Volvo, Mercedes, Ford EU, Volkswagen via various offtake agreements. Profitable on cell-economics + premium to Chinese imports |
| SK On Hungary Ivancsa | Standalone (multi-OEM Europe) / Hungary | Announced 2022; ~$2B investment; ~30 GWh capacity. Production planned 2025-2026; ramp staggered with European EV demand growth. Largest single European cell-manufacturing investment by SK On |
| SK On Korean home plants | Standalone / Korea (Seosan + others) | Pre-IPO Korean plant base; ~38 GWh capacity total; serves Korean OEM customers + ESS exports. Lower priority for capex (most growth investment is US + Europe) |
| Pre-IPO capital structure | Funding + losses | Cumulative operating loss FY 2022-2024: ~KRW 4T (~$3B USD); cumulative external pre-IPO capital raised: ~KRW 2.8T. Q4 2025 Ford BlueOval dissolution charge: KRW 3.7T (~$2.6B). Cash position pressured; SK Innovation parent has provided multiple cap-injection rounds |
| Post-Ford-dissolution path forward | 2026-2028 strategic outlook | SK On retains Stanton TN (now SK On standalone) + Hyundai Cartersville GA + Hungary (Komarom + Ivancsa) + Korean home plants. Total addressable annual capacity ~120-150 GWh by 2028. Path to profitability depends on (1) IRA AMPC tax credits flowing through, (2) Hyundai + Hungary customer demand growth, (3) cost discipline + capex moderation. IPO pathway still under consideration but timeline pushed past 2027 |
| Editorial. Why this matters | Strategic context | SK On is the smallest of the three Korean cell makers (LGES + Samsung SDI + SK On) + the most JV-dependent. The Ford BlueOval dissolution was the marquee setback of 2025: it removed ~43 GWh of contracted Ford-backed offtake (Glendale) + significant brand-name validation. The marquee equity question for the eventual SK On IPO: do the remaining JVs (Hyundai + Hungary) generate enough volume + margin to support a $20-30B IPO valuation, or does SK On need to find a new anchor customer to replace Ford? |
Updated at 2025-Q4
SK On Annual Revenue, Operating Loss, and Shipments
| Fiscal Year | Revenue (KRW T) | Operating Loss (KRW B) | EV Shipments (GWh) | Global Rank |
|---|---|---|---|---|
| FY 2022 | 7.62 | -1,072 | 27.8 | 5 |
| FY 2023 | 12.9 | -582 | 34.4 | 5 |
| FY 2024 (revenue est.) | 6.3 | -932 | 39 | 5 |
| Q4 2025 Ford breakup charge | -3,700 |
Updated at FY 2024
