SK Innovation Co., Ltd. (KOSE:A096770) is considering selling its subsidiary SK IE Technology Co., Ltd. (KOSE:A361610) (SKIET) to restructure its battery business, the Maeil Business newspaper reported on May 15, 2024. The move is aimed at easing financial difficulty faced by SK Innovation's battery-making unit SK On amid weakening demand for electric vehicles, according to the newspaper, citing an unnamed investment banking source. SKIET supplies separators - an essential battery component - to EV battery makers including Tesla (TSLA.O) partner Panasonic Corp.

(6752.T). The report added that SK Group has recently decided on a plan to sell SKIET's management rights and began contacting potential buyers through major global investment banks. SK Innovation owns a stake of 61.2% in SKIET, whose market value stood at KRW 4.09 trillion ($3.01 billion) as of May 14, 2024.

An SK Innovation official said nothing has been decided, in response to Reuters' request for comment.