[CES 2024] SK On chief hints IPO plan on track

LAS VEGAS/SEOUL -- Chey Jae-won, executive vice chairman of SK Group and SK On CEO, on Wednesday vowed to accelerate plans for the battery maker's market debut at the CES 2024 tech show being held in Las Vegas this week.

“It’s hard to predict (the exact timeline for the initial public offering) because we have to consider market conditions and prepare (for the IPO process),” said Chey to the press. “But we’ll push forward (the schedule) as soon as possible when the time is right.”

Chey confirmed that SK On is developing cylindrical batteries to cater to the needs of OEMs and is an inch away from completing all three battery form factor lineups: pouch, prismatic and cylindrical.

The company will start commercial production of cylindrical batteries following demand from its OEM customers, added Chey, without disclosing any information on the details.

When asked if SK On had turned a profit last year, Chey noted, “Despite best efforts, the automotive industry is in a slump, so we don’t know if we’ve made a turnaround as planned.”

Chey met with Hyundai Motor Group Executive Chair Chung Euisun, who stopped by SK Group’s exhibition booth and talked about the market outlook for hydrogen. Chey also watched the keynote speech by HD Hyundai Vice Chairman Chung Ki-sun. SK Group’s energy subsidiary, SK E&S, has close business ties with the shipbuilding company on blue hydrogen transportation.

As for artificial intelligence, a keyword for this year’s CES, Chey said the company is working on AI applications for the battery manufacturing process. He visited the exhibition booths of Hyundai Motor Group, LG, Samsung, Doosan Group, Panasonic and John Deere, a US-based heavy equipment company, to learn about the latest mobility and green energy technologies powered by AI.

During the event, Chey also showed interest in Mobileye, an Israeli self-driving sensor manufacturer that developed the world’s first advanced driver assistance system. Backed by Intel, the company is known for designing the early edition of autonomous vehicle chips for No. 1 EV maker Tesla’s autopilot.