South Korea’s SK Group secures a spot on TIME’s annual list of influential companies, credited for its critical role in advancing the EV battery manufacturing sector in the U.S., in a bold bid for a sustainable future.
What’s Happening
TIME magazine has included SK Group, the second-largest conglomerate in South Korea, in its 2023 edition of the TIME100 Most Influential Companies. This recognition is in acknowledgment of SK Group’s pivotal role in the expansion of electric vehicle (EV) battery manufacturing within the United States.
Why It Matters
SK Group’s influence spans across various domains, from EV battery and charging to hydrogen energy, semiconductors, and recycling industries. TIME commends SK Group for fostering growth in the EV market, particularly through its commitment to developing American-made EV batteries. The conglomerate’s significant investments and joint ventures underscore its pursuit of creating a sustainable global economy.
Key Points
TIME’s endorsement hinges on SK Group’s efforts to drive industry transformation. The company announced plans with Hyundai for a $5 billion plant in Georgia and is involved in a joint venture with Ford, incorporating two substantial battery facilities valued at $11.4 billion. SK Group has also pledged to invest $85 billion in green businesses by 2030 and aims to reduce its annual carbon emissions by 200 million tons in the same year.
Recent milestones include the establishment of a joint venture with Ford called BlueOval SK, the production of a new ultra-fast EV charger by SK Signet, a $600 million investment by Absolics Inc. for advanced materials supply to the semiconductor industry, and the implementation of the Waste & Carbon Zero strategy by SK Geo Centric.
Bottom Line
SK Group’s inclusion in TIME’s list reflects the company’s ambition, innovation, impact, and success in making strategic strides towards a greener future. It also signifies the broader potential for corporations to effect substantial change within their respective industries, paving the way for a more sustainable and resilient global economy. The final selection, representing a wide array of sectors, was determined by TIME editors following a global solicitation of nominations and careful evaluation.
