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Wednesday, 7 July 2021

Rising demand for electric vehicles has boosted demand for Samsung's batteries, benefiting the company by ₹ 300 crore.

 Rising demand for electric vehicles has boosted demand for Samsung's batteries, benefiting the company by ₹ 300 crore.


Rising demand for electric vehicles has boosted demand for Samsung's batteries, benefiting the company by ₹ 300 crore.

The automakers said in a statement that Samsung's SDI (State Director Industries) has spoken of increasing demand for electric vehicle (EV) batteries. This will be the first time that Samsung's battery demand is set to grow in the second quarter. In addition, supply profits are expected to change for the first time.


Samsung Electronics battery maker Samsung SDI estimates sales of about 3 3 billion (300 300 million) in April-June and 25 252.7 billion in operating profit. This estimate is based on 1 month sales of 15 local brokerage houses.


More batteries made

A division of the Samsung SDI manufactures batteries for the EVS and Energy Storage System (ESS). This will be the first time profit is expected in the second quarter. This time around, the electric vehicle maker has placed more orders for batteries, the company said.


Samsung supplies batteries to the BMW

The company supplies batteries to German automaker BMW, according to the Yonhap News Agency. In addition, its batteries will be used in the next pickup and SUV of the American electric vehicle startup Rivian.


In contrast, its main competitor LG Energy Solutions Ltd expects lower revenue in the second quarter due to the cost of its ESS battery recall.


LG recalls battery

Last month, the company, which worked with LG Fame Ltd., said it would replace the lithium-ion batteries used in the ESS itself. The reason for recalling the company is fire risk. Its estimated value is about 400 billion won (about Rs 2.63 crore).


The ESS battery will be replaced at its Nanjing factory in China between April 2017 and September 2018, the firm said. Despite the ESS-related costs, analysts believe that LG Energy is also expecting very good revenue this year.

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There will be competition with SK Innovation

The firm is being touted as 2 trillion won in battery suite settlement money from its small competitor SK Innovation. SK Innovation Company is a refinery-to-battery company. The petrochemical business was expected to rebound in the April-June period and strong sales due to growing demand for EV batteries.


SK Innovation estimated revenue of about 700 700-800 billion from its battery business in the second quarter, up from 6 526.3 billion in sales three months ago.

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