Samsung SDI’s prismatic battery cell for electric vehicles (Kim Byung-wook/The Korea Herald)
Samsung SDI enjoyed a 61.1 percent surge in revenue to 267.4 billion won ($237.4 billion) in the third quarter, fueled by a strong performance of its battery business, according to a regulatory filing posted on Tuesday.
The South Korean battery giant recorded 3.08 trillion won and 240.7 billion won in revenue and net profit, a 20.2 percent and 10.7 percent jump in the same period.
The company’s booming battery business registered a revenue of 2.3 trillion won, a 22 percent spike compared to a year prior.
“Medium-sized batteries for electric vehicles saw a rapid rise in revenue as global EV sales typically pick up in the third quarter. Also, EV support policies in Europe contributed to the surge,” a Samsung SDI official said.
Samsung SDI projected a “big” increase in sales in the fourth quarter as the company is expected to ramp up its sales of EV batteries to European automaker clients and supply more energy storage systems mainly to projects in North and South America.
By Kim Byung-wook (email@example.com)