Former Billionaire Drops Out Of Ranks Of Korea’s 50 Richest As Slowing EV Demand Roils Korean Battery Maker Kumyang

This story is part of Forbes’ coverage of Korea’s Richest 2025. See the full list here.

EV-linked stocks have lost their sizzle amid slowing sales of EVs in Korea, down 10% in 2024. Among those badly hit: Kosdaq-listed chemicals company Kumyang, a maker of EV batteries, which saw its shares plunge more than 90% until trading was suspended in March after its auditor flagged concerns over business continuity. CEO Ryu Kwang-ji, who made his debut among Korea’s richest in 2024, is a notable dropoff from the ranks this year.

Originally a maker of foam blowing agents, Kumyang expanded into batteries in 2023, the same year that its IPO made Ryu a billionaire. After earmarking 610 billion won ($414 million) to build a battery plant near its Busan headquarters, the company unveiled its battery prototype in March 2024, touting it as more powerful than Tesla’s.

Then things began to unravel. Last October, Kumyang was designated by the stock exchange as an “unfaithful disclosure corporation” for slashing both the 2024 sales and production forecasts for its Mongolian lithium mine by over 90%. In January, the company scrapped a rights issue of shares, opting to borrow 450 billion won from Ryu to reduce its debt burden, which had ballooned to 1.5 times equity. Ryu said in a statement that Kumyang would take all available measures to ensure trading resumes. The company did not respond to Forbes Asia’s request for comment.