South Korean battery giant SK On is on the brink of collapse after a major deal worth $11 billion to supply batteries to Japanese automaker Nissan. The agreement, which was announced in 2022, would have seen SK On supply Nissan with lithium-ion batteries for its electric vehicles (EVs) for the next decade. However, with Europe experiencing a surge in EV sales, Nissan is now reconsidering its commitment to the deal, citing concerns over supply chain costs and the increasing demand for EVs in the region. As a result, SK On's deal with Nissan is facing collapse, raising questions about the future of the company's ambitious plans to become a leading player in the global EV battery market.
SK On’s $11 bn deal to supply batteries to Nissan faces collapse as EV sales in Europe on rise KED Global
