(Samsung SDI Co.)
Samsung SDI Co., a significant South Korean battery maker, stated Wednesday its third-quarter internet revenue plunged 63 p.c from a yr earlier on account of a slowdown in electrical car gross sales.
Web revenue for the three months to September fell to 230.4 billion received ($166.6 million) from 622.4 billion received over the identical interval final yr, the corporate stated in a regulatory submitting.
“Decrease demand for automotive batteries amid the EV ‘chasm’ continued to eat away on the quarterly backside line,” Samsung SDI stated in a press release.
The corporate anticipated “restricted development” within the fourth quarter as a result of chasm, a slowdown part that happens earlier than the widespread adoption of all-electric vehicles.
In response to sluggish demand, the corporate stated it’ll diversify its product lineup to higher compete with world rivals within the upcoming EV period.
Alongside high-end lithium-ion batteries, Samsung SDI is creating lithium iron phosphate (LFP) and higher-end solid-state batteries with plans for mass manufacturing in 2026 and 2027, respectively.
An LFP battery is understood for its enhanced security options and low manufacturing prices regardless of low power density and a comparatively quick driving vary in contrast with lithium-ion and nickel cobalt manganese batteries usually utilized by Korean firms.
Working revenue additionally plummeted 72 p.c to 129.9 billion received within the third quarter from 465.2 billion received a yr in the past. Gross sales fell 29.8 p.c to three.93 trillion received from 5.6 trillion received. (Yonhap)
