'82% Overseas Share' SK Signet, Exports Boost Last Year's Sales to Double Compared to Previous Year

Sales from 80 billion KRW to 162.6 billion KRW
Top 2 US companies are main clients
Operating profit lags behind revenue growth
"Impact of R&D and labor cost increases"

SK Signet, the No. 1 player in the U.S. electric vehicle ultra-fast charging market, more than doubled its sales in one year, driven by strong export performance.

SK Signet announced on the 23rd that it achieved sales of 162.6 billion KRW and an operating profit of 3.5 billion KRW last year. Compared to the previous year, sales increased by 103% and operating profit by 46%.

The overseas portion of SK Signet’s sales accounts for 81.7%. It nearly tripled from around 50 billion KRW in 2021 to 132.9 billion KRW in just one year. SK Signet explained, "Consistently securing orders from the U.S. No. 1 ultra-fast charging station operator (CPO) 'Electrify America' (EA) and No. 2 'EVgo' has driven the growth of overseas sales." In January, SK Signet signed its first order contract with 'Terawatt Infrastructure,' a U.S. commercial vehicle specialized CPO.

Starting in June, production will begin at SK Signet’s Texas subsidiary in the U.S. The Texas plant has an annual maximum production capacity of 10,000 chargers. Being able to produce and supply locally in the U.S. is a strength, allowing flexible response to the U.S. Inflation Reduction Act (IRA)-based 'Buy America' regulations.

SK Signet Texas Factory Exterior [Photo by SK Signet]

SK Signet also achieved external growth in the domestic market. Domestic annual sales reached 29.8 billion KRW last year, an 18% increase from 25.3 billion KRW the previous year. The company plans to respond to the high domestic demand for slow chargers as well.

SK Signet’s operating profit last year was 3.5 billion KRW, up 46% from 2.4 billion KRW the previous year. The slower growth in operating profit relative to sales is due to increased research and development (R&D) investment costs and higher labor costs from hiring over 150 employees. R&D expenses nearly tripled to 10.8 billion KRW last year from 3.8 billion KRW the year before. Based on strengthened technological competitiveness, SK Signet consecutively unveiled the 400kW ultra-fast charger V2 and a megawatt charger prototype for commercial vehicle charging in January and March of this year.

Shin Jeong-ho, CEO of SK Signet, said, “By solidifying partnerships with the No. 1 and No. 2 charging station operators in the U.S. last year, our sales performance more than doubled. This year, with the full-scale implementation of domestic and international electric vehicle charging infrastructure support policies, including the U.S. NEVI program, we will secure a leading position in the expanding electric vehicle charging market.”

Meanwhile, SK Signet, an electric vehicle charger manufacturer, ranks No. 1 in the U.S. ultra-fast charging market and No. 2 globally. It became part of the SK Group after being acquired by SK Inc., SK Group’s investment holding company, in 2021.