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EV Battery “Crisis”
South Korea’s SK On [096770:KS] has said that disappointing electric vehicle (EV) sales in Europe and the US have precipitated a crisis: the firm has logged losses for 10 consecutive quarters, the Financial Times reported. CEO Lee Seok-hee has announced a series of “emergency management” measures. Meanwhile, LG Energy Solution [373220:KS] predicted that Q2 profit will miss analyst consensus, at ₩195.3bn — down 58% year-over-year. Lastly, Samsung Electronics [005930:KS] workers began a three-day strike demanding pay hikes on Monday.
China: Car Sales Down, EV Sales Up
Total car sales were down 6.9% year-over-year in June, according to the China Passenger Car Association, marking the third monthly drop in a row. However, sales of new energy vehicles (pure EVs and plug-in hybrids) accounted for a record 48.1% of the total. BYD [BYDDF], Nio [NIO] and Zeekr [ZK] all saw record monthly sales. In Germany, meanwhile, Porsche’s [POAHF] Head of Production Albrecht Reimold has said that the firm is sticking to its plans to transition some models, such as its SUV model Macan, to EVs.
Delivery Villain
The Delivery Hero [DHER:DE] share price fell as much as 18% on Monday, following news that it may face a fine of over €400m from EU antitrust authorities, a higher total than had been expected. In a statement on Sunday the firm said the fine related to “alleged anti-competitive agreement to share national markets, exchanges of commercially sensitive information and no-poach agreements”, and that it was moving to “significantly increase” a previous €186m provision.
Paramount + Skydance: It’s Official
Paramount Global [PARA] has agreed to merge with Skydance Media. Paramount's Non-executive Chair Shari Redstone will offload her family’s controlling stake in the company, creating a new firm worth some $28bn. “Given the changes in the industry, we want to fortify Paramount for the future, while ensuring that content remains king,” Redstone said in a statement. Paramount said it expected the deal would close by the middle of 2025.
Boeing Guilty; Stock Rises
The airline’s [BA] stock price rose 0.3% in premarket trading Monday, after the firm agreed to plead guilty to misleading regulators prior to two fatal crashes in 2018 and 2019. The plea deal will also involve a $244m fine, in addition to one it has already paid, an outlay of $455m on compliance and safety, and require Boeing to hire an independent monitor. The stock is still down 29% year-to-date.
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