■ Chey: Difficult to predict the exact time for the IPO of SK On, but will propel the listing when the time is right

■ Top exec checks mobility and eco-friendly technologies at CES along with a meeting-packed schedule

LAS VEGAS, Nevada – Chey Jae-won, Executive Vice Chairman of SK Group, said during his visit at CES 2024 on January 10 (local time) that “The development of cylindrical batteries has made considerable progress.” He also mentioned while it is difficult to predict the exact time for the IPO of SK On due to internal and external conditions, the company will propel its listing quickly when the right time comes.

“We are developing three battery form factors (pouch type, square shape, and cylindrical shape) to deal with different specifications demand of each customer,” said Executive Vice Chairman Chey.

He added, “The development of prismatic batteries is already complete, and after a deep thought, we have also developed cylindrical batteries to a considerable level. We will meet our mass production schedule in accordance with customer needs.”

On the forecast of SK On’s turnaround in the fourth quarter of 2023, he said, “The automotive market has been, unfortunately, not favorable, so we’re not sure if the results are going to be at the expected level.” “However, we tried our best. And we are trying to take it as an opportunity to strengthen our internal stability,” he continued.

About SK On’s stock exchange listing, he noted, “We need to consider the financial market, and there are preparations to do, so it’s hard to predict at the moment.” “We will propel the listing as quickly as possible when the time is right.”

In response to a question on his visit to CES 2024, he answered, “I mainly looked at automotive and battery-related technologies, and there were many changes. I can really feel that the industry is changing rapidly.”

Chey had a hectic schedule on January 10, the second day of CES 2024. In the morning, he looked around the booths of major global companies, and in the afternoon, he attended business meetings.

On the opening day of the event, January 9, he first visited the booth of Mobileye, an Israeli autonomous driving sensor company. Mobileye, known for developing the world’s first Advanced Driver Assistance System (ADAS), gained attention when Intel acquired it for USD 15.3 billion in 2017.

There, he coincidentally met Chairman Chung Eui-sun of Hyundai Motor Group and exchanged greetings. The two leaders met again when Chung visited the SK Group booth “SK Wonderland”, where Chey welcomed him in person. During this encounter, Chey introduced the “Net Zero” businesses pursued by SK Group, showing the two conglomerates’ commitment to their business cooperation.

Additionally, Chey visited the booths of several companies, including John Deere, Hyundai Motor, Doosan, LG, Panasonic, and Samsung, to check the latest mobility and eco-friendly technologies utilizing Artificial Intelligence (AI). In particular, he showed great interest in mobility technology as he personally tried out John Deere’s electric tractor and LG’s Alpha-able, the company’s future mobility concept, and inquired about the performance of hydrogen and electric vehicles at Hyundai Motor.

[Photos]

(Photo 1) Chey Jae-won, Executive Vice Chairman of SK Group, listens to an explanation of the future mobility concept, “Alpha-able” at the LG Electronics booth at CES 2024 in Las Vegas, US, on January 10 (local time).

(Photo 2) Chey Jae-won, Executive Vice Chairman of SK Group, visits the Samsung Electronics booth at CES 2024 in Las Vegas, US, on January 10 (local time).

(Photo 3) Chey Jae-won, Executive Vice Chairman of SK Group, answers questions from reporters at CES 2024 SK Group booth in Las Vegas, US, on January 10 (local time).