Asia Tech Wire (July 8) -- South Korean electric car battery maker SK On has announced it is in crisis, according to the Financial Times.

The company has reported 10 consecutive quarters of losses since it spun off from its parent company in 2021.

As losses continue to widen, SK On CEO Lee Seok-hee announced a series of urgent measures to cut costs, according to the report.

According to SNE Research, SK On held a 4.9% share of the global power battery market from January to May this year, behind CATL, BYD and LG Energy Solution (LGES).