South Korea's largest battery manufacturer just posted a surprise operating loss in Q4—and it's not looking pretty. The culprit? Weakening EV demand combined with subsidy rollbacks across multiple markets. That's a significant headwind for the entire supply chain. When major battery makers start bleeding red, it signals deeper market stress beyond just production hiccups. The subsidy cuts are particularly telling—governments scaling back EV incentives usually means cooling enthusiasm for the whole sector. Whether this foreshadows broader supply chain adjustments or just a temporary dip is worth tracking closely.