SK Innovation and its subsidiary companies will replace executive work vehicles with domestic electric vehicles (EVs). To promote environmental, social, and governance (ESG) management and the expansion of electric vehicle adoption, the policy is to switch all executive vehicles to electric cars, starting with Jang Yong-ho, the President of SK Innovation.
On the 11th, SK Innovation announced that it is in the process of applying to change the executive work vehicles to one of the representative electric vehicle models from Hyundai Motor, specifically the Ioniq 9 or the eG80.
SK Innovation's battery subsidiary, SK On, is supplying batteries for these two electric vehicle models. SK Innovation plans to complete the electric vehicle transition schedule within the year.
An official from SK Innovation noted, "The overall domestic electric vehicle industry has faced challenges due to global economic downturns and a slowdown in electric vehicle demand. All executives will use electric vehicles to contribute to the increase in domestic electric vehicle adoption."
In fact, the domestic electric vehicle adoption rate is relatively low. According to the China Passenger Car Association (CPCA), 52% of passenger cars sold in China last March were electric vehicles and plug-in hybrids (PHEVs).
On the other hand, according to the Ministry of Land, Infrastructure and Transport, a total of 846,000 new vehicles were registered domestically in the first half of this year, with electric vehicles (94,000) making up only 11% of that total.
Meanwhile, on the 30th of last month, SK Innovation officially announced the merger of its core subsidiaries, SK On (battery) and SK nMove (lubricants and immersion cooling), which are key to the future growth driver of electrification, revealing its future business strategy and vision.