Park Sang-kyu

The company operates through two distinct businesses: the legacy petroleum refining and petrochemical operations, and SK On — the EV battery subsidiary. SK On has rapidly become one of the world's top EV battery manufacturers, building gigafactories across the globe: BlueOval SK in the United States (a joint venture with Ford), plants in Hungary (serving European automakers), and facilities in China. SK On supplies battery cells to Ford, Hyundai-Kia, and other automakers, competing with CATL, LG Energy Solution, and Samsung SDI. The battery business is capital-intensive and currently generating losses as it scales up — funded by the profitable refining operations. The petroleum refining business operates South Korea's largest refining complex at Ulsan and generates the cash flow needed to fund the battery transition. SK Innovation also produces specialty chemicals, lubricants, and petrochemical products. Key stock drivers include SK On order backlog and factory ramp progress, EV battery market share, battery technology competitiveness, refining margins, oil prices, SK On path to profitability, Ford JV execution, and the overall pace of global EV adoption.