SK Innovation projects slower growth in global EV demand

SEOUL (Reuters) -South Korean energy group SK Innovation, on Tuesday forecast slowing growth in global electric vehicle (EV) demand, joining an increasing number of automakers and suppliers expressing concern about the market for EVs. The owner of South Korea’s biggest refiner SK Energy posted operating profit of 73 billion won ($54.75 million) for the fourth quarter ended December, compared with a 765 billion won loss a year earlier. The result was far below an average analyst forecast of 558 billion won profit compiled by LSEG SmartEstimate. The company said its petrochemical business swung to a loss due to weaker refining margins and lower prices. Fourth-quarter revenue rose 2.1% to 19.5 trillion won from the same period from year earlier. SK…

Source: Market Screener
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