Samsung SDI reports record revenues in Q1
The Korean battery maker reported 4 trillion won ($3.1 billion) in revenue in the first quarter, up 36.7 percent from a year earlier and higher than analyst expectations of 3.8 trillion won.
Net profit was 362.7 billion won, 141.8 percent higher than a year earlier, beating a market consensus of 283.5 billion won.
“By sharing increased costs of material with automakers," the company said, "we were able to minimize the impact of the material cost increases and improve earnings.”
Sales of cylindrical batteries increased in the first quarter thanks to increases in sales of EVs and electric tools. Sales of pouch-type batteries also improved with the launch of new Samsung Electronics smartphones.
The company predicted solid growth to continue in the second quarter.
“Automakers are expected to increase production of electric vehicles and sales of Gen. 5 will grow further,” the company said.
Gen. 5 is Samsung SDI’s nickel-cobalt-aluminum (NCA) battery with 88 percent nickel content. The company started mass production of that line last year. Its main customer for Gen. 5 batteries is BMW.
The next version of its battery, dubbed Gen. 6 is expected to start mass production in 2024. It will have a nickel content of 91 percent with energy density improved by 10 percent, the company said during a conference call Thursday.
Gen. 6 will be capable of faster charging, according to the company.
BY JIN EUN-SOO [firstname.lastname@example.org]