EV batteries (supplies Hyundai, Ford, Nissan)
SK Innovation (SK On)
SK On, the battery subsidiary of listed SK Innovation, makes high-nickel pouch EV cells for Hyundai, Ford, Volkswagen and Nissan. FY2025 battery revenue was KRW 6.98 trillion with an operating loss of KRW 931.9 billion, as cuts to US subsidies and low utilization deepened losses. Parent SK Innovation reported FY2025 consolidated revenue of KRW 80.3 trillion.
096770.KS Updated Jul 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, SK Innovation (SK On) is directly linked to 11 companies (10 supply, 2 revenue, 1 investment relationships) and reaches 12 companies within two hops; the links are backed by 26 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · SK Innovation FY2025 consol. revenue ₩80.3tn (battery/SK On ₩6.98tn)
- Customer concentration · Battery segment loss-making; refining dominates revenue
- Segments · Battery (SK On) · Refining · Petrochemical · Lubricants
Revenue from
- Ford (BlueOval SK) High confidence· Investment $11.4B · 2021~ · JV investment (dissolution agreed Dec 2025)
BlueOval SK, the ~$11.4B 50:50 JV with Ford (est. 2021), began production in 2025. In Dec 2025 the partners agreed to dissolve it: Ford keeps two Kentucky plants, SK On takes the Tennessee plant.Confirms EN Utility Dive Published Dec 16, 2025: Ford, SK On dissolving BlueOval SK battery joint venture - Nissan Medium confidence· capacity 99.4 GWh · 2028~2033 · high-nickel battery supply (~KRW 15tn)
In 2025 SK Battery America signed a 99.4 GWh, ~KRW 15tn supply deal with Nissan's US arm (2028–2033, Kentucky); execution risk reported as Nissan delayed EV plans.Contradicts EN Bloomingbit Published Sep 1, 2025: SK On's $10.9 Billion Nissan Battery Deal Faces Cancellation Risk - Hyundai Motor Group Medium confidence· Investment $5B · 2026~ · 50:50 JV, ~300k EVs/yr
Building a ~$5B 50:50 battery-cell JV in Bartow County, Georgia, targeting 2026 production for Hyundai/Kia/Genesis EVs.Confirms EN Manufacturing Dive Published May 29, 2024: Hyundai and SK On plan $5B Georgia EV battery plant - Volkswagen Group Medium confidence
Supplies cells from Hungary to VW (ID.7) and Audi (Q4 e-tron); SK On-fitted European EV sales rose in 2025.
Pays to
- SKIET High confidence· Market share 70% · 역사적 · SKIET sales share to SK On
SK Innovation's in-group separator subsidiary. SK On sources LiBS separators from SKIET, which historically derived ~70% of sales from SK On.Confirms KO SK Innovation Newsroom Published Apr 1, 2024: SKIET to supply North America with separator film for up to 300k EVs - L&F High confidence· Contract value ₩13.2T · 2024~2030 · high-nickel cathode supply contract
Long-term high-nickel cathode supplier to SK On. The FY2025 annual report presents the relationship via a KRW 13.19tn contract signed in 2024 through end-2030, extending an earlier KRW 1.22tn contract from 2021. - EcoPro BM High confidence· Contract value ₩10.1T · 2024~2026 · high-nickel NCM cathode supply
A top cathode partner of SK On. Supplies KRW 10.11tn of EV high-nickel NCM cathodes for 2024-2026 and is also building a Canadian cathode JV with Ford for the North American supply chain.Confirms KO Electric Times Published Aug 1, 2023: SK On–Ecopro BM–Ford co-invest in North American cathode plantConfirms EN KED Global Published Mar 23, 2023: SK On, EcoPro, China's GEM to jointly build precursor factory - SK IE Technology Medium confidence· Market share 80% · FY2024-2025 · Approximate SK On share of SKIET revenue
SK On sources battery separators from sister company SKIET, which takes about 80% of SKIET's revenue.Confirms EN Businesskorea Published Feb 5, 2025: SKIET's 290 Bil. Won Contract: A Significant Step Toward Diversification and Recovery - Enchem Medium confidence
Korea's top electrolyte maker; expanding electrolyte supply to SK On's US plants, scaling its Georgia plant from 40kt to 200kt/yr.Confirms KO TheElec Published Dec 1, 2024: Enchem supplies electrolyte to SK On, LGES and other global battery makers in North America - Ronbay Technology Medium confidence
SK On signed an MOU with Ronbay Technology in March 2024 covering ternary and LMFP cathodes, moving toward adopting Ronbay materials. Ronbay operates Korean subsidiary JAESE in Chungju (70kt/yr) close to Korean cell makers. Large-scale commercial supply is not yet confirmed.Confirms KO THE ELEC Published Apr 1, 2025: JAESE (Jaese Energy) starts up 3rd cathode plant in ChungjuConfirms ZH China Securities Journal (cs.com.cn) Published Mar 26, 2024: Ronbay signs MOU with SK On on ternary and LMFP cathode cooperationConfirms EN Yicai Global Published Jan 1, 2024: China's Ronbay to Invest USD362 Million to Build Two Battery Materials Plants in South Korea - Three copper foil makers (SK Nexilis · Lotte · Solus) Medium confidence
Sources anode-side copper foil from Korea's three foil makers (SK Nexilis/SKC, Lotte Energy Materials, Solus); per-deal values undisclosed. - Daejoo Electronic Materials Medium confidence
SK On sources silicon anode material from Daejoo Electronic Materials, with supply beginning in Q1 2024. - SKC Medium confidence
SK On (SK Innovation's battery arm) sources a large share of its copper foil from affiliate SK Nexilis (SKC subsidiary); copper foil is about 10% of cell cost.Confirms KO Sisajournal-e Published Jul 25, 2025: Reviving the LG-SK battery alliance? Talks on a KRW 4tn copper foil deal - PNT (People & Technology) Medium confidence
SK On (SK Innovation) is one of Korea's three cell makers that adopted PNT's roll-to-roll electrode-process equipment; part of its expansion capex flows into equipment orders.Confirms KO Newspim Published Oct 25, 2023: PNT expects about KRW 2 trillion order backlog this year - 나노신소재 (CNT 도전재) Medium confidence
CNT conductive-additive supplier (cathode/anode).Mentions KO Finance Scope Published Nov 7, 2024: Advanced Nano Products builds US and Poland CNT plants to supply LG and Samsung SDI
Investments
- SK IE Technology Medium confidence
SK Innovation is SKIET's parent and largest shareholder, having spun it off and listed it.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Hyundai Motor Company | lead1 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Nissan Motor | lead1 | +14.2 | -23 | +30.6 | -25.4 | -11.8 | -17.7 |
| SK Innovation (SK On) | node | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| Daejoo Electronic Materials | benef1 | +98.4 | -2.3 | -19.4 | +48.5 | -25.9 | +7.7 |
| Ronbay Technology | benef1 | +96.6 | -39.1 | -63.6 | +12.3 | +47.7 | -12.9 |
| SKC | benef1 | +18.1 | -31.9 | -19.7 | +104.3 | -25.4 | -19.2 |
| L&F | benef1 | +139.2 | +22.4 | -30.3 | -38.6 | +43.4 | -20.4 |
| Advanced Nano Products | benef1 | +56.8 | +66.4 | +13.9 | -30.9 | +5.5 | -32.8 |
| PNT (People & Technology) | benef1 | +62.2 | +11.6 | -17.8 | +12.2 | +31.1 | -39.8 |
| SK IE Technology | benef1 | · | -41.9 | +11.1 | -69 | +18.9 | -45.5 |
| EcoPro BM | benef1 | +79.2 | +23.9 | +113.5 | -38.6 | +77.1 | -47.6 |
| Enchem | benef1 | · | -37.4 | +173.9 | -20.5 | -26.1 | -76.7 |
| EcoPro Materials | benef2 | · | · | · | -52.5 | -4.9 | -43.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
SK Innovation's thesis is the structure where refining cash flow sustains the battery (SK On) losses and expansion, and the timing of that battery turning profitable. SK On supplies high-nickel pouch cells to Hyundai, Ford, Volkswagen and Nissan, but cuts to US subsidies and low utilization drove a KRW 931.9bn battery operating loss in 2025 — the direction of results is set by North American utilization and subsidy (AMPC) policy. The dissolution of the Ford JV BlueOval SK (SK On taking the Tennessee plant), the Hyundai Georgia JV (2026 production) and the KRW 15tn Nissan Kentucky deal are the next axes of North American capacity, though slowing EV demand brings execution risk. Its supply chain leans heavily on affiliates and domestic names — EcoPro BM and L&F (cathodes), SKIET (separators, in-group), Enchem (electrolyte) and SK Nexilis (copper foil). Re-rating triggers are SK On's return to profit, the North American EV/subsidy cycle, and refining margins.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target ₩172,500 · Price ₩102,900 (07-10) · Upside +68%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Shinhan Securities | Buy | ₩170,000 | May 14, 2026 | Report ↗ |
| KB Securities | Buy | ₩180,000 | May 13, 2026 | Report ↗ |
| Yuanta Securities Korea | Buy | ₩170,000 | Apr 2, 2026 | Report ↗ |
| Hana Securities | Buy | ₩170,000 | Feb 23, 2026 | Report ↗ |
Refining strength and battery recovery persist; target raised 30.8% to KRW170,000.
Analyses covering this node
- At the materials tier, the customer sets the clock Jul 5, 2026
- The cathode paradox: cells turned, materials did not Jul 3, 2026
- What revived the battery cycle is ESS, not EVs, and its root is again the AI datacenter Jun 24, 2026