This tale becomes part of Forbes’ record on South Korea’s wealthiest 2025. See the complete checklist below

Supplies attached to electrical lorries dropped 10% in 2024 in the middle of stagnation in South Korea’s electrical car sales. Amongst the big hotspots, supplies in supplies dropped 10%. In KOSDAQ-listed chemical firm Kumyang, the maker of EV batteries, whose shares dropped their share cost to greater than 90% till business range of its auditors held on business in March, the firm’s shares suspended its organization. Chief executive officer Ryu Kwang-ji made his launching in 2024 at South Korea’s wealthiest competitors, and he is guide this year.

Initially a manufacturer of foam blowing representatives, Kumyang broadened to batteries in 2023, and the very same year its IPO made Ryu a billionaire. After defining 610 billion won ($ 414 million) to develop a battery manufacturing facility near its Busan head office, the firm introduced a battery model in March 2024 promoting it to be extra effective than Tesla.

After that points started to collapse. Last October, Kumyang was assigned as a “disclosure firm” by the Stock market to reduce sales in 2024 and manufacturing projections for Mongolia’s lithium mines, over 90%. In January, the firm eliminated the supply legal rights concern and selected to obtain 400 billion won from RYU to decrease its financial debt concern, which has actually risen to 1.5 times the equity. Ryu stated in a declaration that Kumyang will certainly take all readily available steps to safeguard the deal return to. The firm did not react Forbes Asia Make an ask for remark.