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Samsung SDI’s quarterly operating profit surpasses 400 billion won for the first time
South Korean battery maker Samsung SDI said its second-quarter revenue and operating profit hit record highs due to strong sales of electric vehicle batteries and high-value-added IT materials. In the second quarter of this year, Samsung SDI’s revenue was 4.74 trillion won, a year-on-year increase of 42.2%; operating profit was 429 billion won, a year-on-year increase of 45.3%, and the quarterly operating profit exceeded 400 billion won for the first time.
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Moreover, the net profit rose 42% year on year to 409.2 billion won. Samsung SDI expects to continue its growth momentum in the second half of the year, with sales of fifth-generation batteries surging after its second factory in Hungary opens.
It is worth mentioning that Samsung SDI recently said that it will invest 1.7 trillion won ($1.3 billion) to build a new battery plant in Malaysia. It is expected to start mass production of cylindrical batteries in 2024, which can be used in electric vehicles and other markets.
Samsung SDI said that the factory will produce 21700 cells, that is, cylindrical cells with a width of 21 mm and a length of 70 mm, to meet the current demand for continuous growth.
This will be Samsung SDI’s second factory in Malaysia. In addition to Malaysia, Samsung SDI currently has factories in South Korea, China, and Hungary. In May this year, it also announced that it will cooperate with the automobile manufacturer Stellantis to establish the first American factory in Indiana, USA. battery factory. Samsung SDI’s current EV battery customers include BMW, Ford, and Volkswagen.