62 SK On Statistics

by

These sk on figures cover the measurement periods and populations identified in the available source material. Estimates, surveys and forecasts retain their reported scope.

Key SK On Statistics

The main findings are:

  • Battery revenue was KRW 1,288.0 billion in Q2 2022 (SK battery business).
  • Battery operating profit was KRW –460.1 billion in Q2 2024 (SK battery business).
  • SK Innovation reported approximately 20 GWh annual battery capacity across Korea, Hungary and China in early 2020.
  • SK On reported a 1 GWh ESS project order from Flatiron Energy in its 3Q 2026 newsletter (Q3 2026; United States ESS market).
  • SK Innovation consolidated revenue was KRW 742,696 hundred million in 2024 (FY 2024; SK Innovation consolidated group).
  • Production capacity was 5 GWh in Korea in 2020 (2020 actual).
  • Battery revenue was KRW 2,194.2 billion in Q3 2022 (SK battery business).
  • Battery operating profit was KRW 24.0 billion in Q3 2024 (SK battery business).
  • The source forecast states that sK Innovation said capacity was planned to reach 70 GWh by 2023 (2023 plan; Global SK battery operations).
  • SK Innovation consolidated operating income was KRW 3,557 hundred million in 2024 (FY 2024; SK Innovation consolidated group).
  • Production capacity was 7 GWh in China in 2020 (2020 actual).
  • Battery revenue was KRW 2,875.6 billion in Q4 2022 (SK battery business).
  • The Q2-to-Q3 2024 base-effect contribution to operating profit was KRW 211.5 billion (Q3 2024 bridge from Q2 2024; SK battery business).
  • The source forecast states that sK Innovation said capacity was planned to reach 100 GWh by 2025 (2025 plan; Korea, Hungary, China and U.S.).
  • SK On merged with SK Trading International on November 1, 2024, according to the later earnings-deck reporting note (SK On reporting group).

Contents

The reported battery revenue was KRW figures cover SK battery business.

Measurement period Battery revenue was KRW (KRW billion)
Q2 2022 1,288.0 billion
Q3 2022 2,194.2 billion
Q4 2022 2,875.6 billion
Q1 2023 3,305.3 billion
Q2 2023 3,696.1 billion
Q3 2023 3,172.7 billion
Q4 2023 2,723.1 billion
Q1 2024 1,683.6 billion
Q2 2024 1,553.5 billion
Q3 2024 1,430.8 billion

Source: 3Q 2024 Earnings Briefing.

The reported battery operating margin was – figures cover SK battery business.

Measurement period Battery operating margin was – (percent)
Q3 2023 3%
Q4 2023 1%
Q1 2024 20%
Q2 2024 30%

Source: 3Q 2024 Earnings Briefing.

Battery operating margin was 2% in Q3 2024 (SK battery business). (3Q 2024 Earnings Briefing)

Company earnings-deck figure.

Margin is the company-reported quarterly operating margin.

SK On statistics by quarter: operating profit, losses and U.S. manufacturing credits

  • Battery operating profit was KRW –460.1 billion in Q2 2024 (SK battery business). (3Q 2024 Earnings Briefing)
  • Battery operating profit was KRW 24.0 billion in Q3 2024 (SK battery business). (3Q 2024 Earnings Briefing)
  • The Q2-to-Q3 2024 base-effect contribution to operating profit was KRW 211.5 billion (Q3 2024 bridge from Q2 2024; SK battery business). (3Q 2024 Earnings Briefing)
  • Profitability-enhancement activities contributed KRW 59.9 billion in the Q3 2024 profit bridge (Q3 2024 bridge; SK battery business). (3Q 2024 Earnings Briefing)
  • Other factors contributed KRW 212.7 billion in the Q3 2024 profit bridge (Q3 2024 bridge; SK battery business). (3Q 2024 Earnings Briefing)
  • Advanced Manufacturing Production Credit was KRW 38.5 billion in Q1 2024 (U.S.-eligible battery manufacturing). (2Q 2024 Earnings Release)
  • Advanced Manufacturing Production Credit was KRW 111.9 billion in Q2 2024 (U.S.-eligible battery manufacturing). (2Q 2024 Earnings Release)
  • Advanced Manufacturing Production Credit was KRW 60.8 billion in Q3 2024 (U.S.-eligible battery manufacturing). (3Q 2024 Earnings Briefing)

Negative value denotes operating loss.

Positive value denotes operating profit.

Company-presented bridge component; not an independently calculated result.

Company-presented management bridge.

Company-reported tax-credit benefit, not gross battery revenue.

SK On growth statistics: planned capacity, customer scale and joint ventures

  • SK Innovation reported approximately 20 GWh annual battery capacity across Korea, Hungary and China in early 2020. (SK innovation company profile)
  • The source forecast states that sK Innovation said capacity was planned to reach 70 GWh by 2023 (2023 plan; Global SK battery operations). (SK innovation company profile)
  • The source forecast states that sK Innovation said capacity was planned to reach 100 GWh by 2025 (2025 plan; Korea, Hungary, China and U.S.). (SK innovation company profile)
  • The source forecast states that sK On stated a target of more than 500 GWh global capacity by 2030 in its 2021 growth plan (2030 plan stated in 2021; Global SK On production footprint). (SK Innovation 60 Years History…)
  • SK On reported an order backlog above 1,000 GWh at its 2021 independence milestone (October 2021; Global customer contracts). (SK Innovation 60 Years History…)
  • SK On and Ford expanded their joint-venture investment scale from 60 GWh to 129 GWh in the 2021 plan. (SK Innovation 60 Years History…)
  • SK On and partners said U.S. annual capacity would exceed 180 GWh by 2026 (2026 plan stated in 2023). (In the U.S., SK Builds…)
  • The announced U.S. capacity above 180 GWh was described as enough for about 1.5 million new EVs annually (2026 plan stated in 2023). (In the U.S., SK Builds…)
  • SK On and Hyundai Motor Group announced a U.S. battery-cell joint venture investment of $5 billion in 2023 (2023 announcement). (In the U.S., SK Builds…)

Company profile uses approximately; capacity is not output.

Historical company plan, not a result.

Long-range management target, not observed production.

Backlog is a contracted-volume indicator, not delivered batteries.

Announced planned capacity, not necessarily commissioned output.

Includes partners and is a forward-looking company statement.

Company conversion estimate; vehicle mix and usable capacity may vary.

Announced investment, not cumulative realized spending.

SK On statistics for technology, products and business expansion

SK On reported a 1 GWh ESS project order from Flatiron Energy in its 3Q 2026 newsletter (Q3 2026; United States ESS market). (SK Innovation IR Newsletter: 3Q…)

Order size, not installed or delivered energy.

SK On statistics: corporate structure, reporting scope and outlook measures

The reported battery-business operating profit was KRW – figures cover SK battery business.

Measurement period Battery-business operating profit was KRW – (KRW billion)
Q1 2025 299.3 billion
Q2 2025 66.4 billion
Q3 2025 124.8 billion

Source: 3Q 2025 Earnings Briefing.

This is parent-group consolidated revenue, not SK On standalone revenue.

This is parent-group consolidated operating income, not SK On standalone profit.

Structural event affecting comparability across reporting periods.

The deck says consolidated financials exclude intercompany transactions and differ from SK On’s actual merged-entity performance.

Scope differs from the separate battery-business revenue series.

Negative value denotes operating loss; separate battery-business figure.

Company-reported battery-business series; merged-entity figures are separately labeled.

Company-reported battery-business series.

SK On statistics: battery production capacity by country and year

The reported production capacity figures cover Korea.

Measurement period Production capacity (GWh annual capacity)
2020 actual 5
2021 actual 5
2022 actual 5

Source: 3Q 2024 Earnings Briefing.

The reported production capacity figures cover China.

Measurement period Production capacity (GWh annual capacity)
2020 actual 7
2021 actual 27
2022 actual 44

Source: 3Q 2024 Earnings Briefing.

The reported production capacity figures cover European Union.

Measurement period Production capacity (GWh annual capacity)
2020 actual 8
2021 actual 8
2022 actual 18

Source: 3Q 2024 Earnings Briefing.

Capacity, not actual output.

Management estimate, not audited actual capacity.

Table of contents