Samsung SDI OP plunges over 70% in Q3 amid EV chasm

Quick Summary:

The company, also South Korea’s third-largest battery maker, announced in a regulatory filing on Wednesday that it earned 129.9 billion won ($94 million) in consolidated operating profit in the July-September period, down 72.1% from the same period last year.The profit includes 10.3 billion won worth of tax benefits from the US Advanced Manufacturing Production Credit (AMPC) program, according to the company.Sales also lost 29.8% over the same period to 3.9 trillion won, and net profit plummeted 63% to 230.4 billion won.

EV CHASM CONTINUES TAKING A TOLLSamsung SDI’s battery unit reported 63.5 billion won in operating profit in the third quarter, 85% lower than a year ago, on sales of 3.7 trillion won, down 31%.

Its prismatic battery cell business saw a deterioration in profitability due to the protracted slump in EV demand in Europe but its sales increased thanks to a rise in shipments of the prismatic battery P6 (sixth edition) in the US, said the company.

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Category: Economy

Markets: South KoreaIndia

Topics: Battery Samsung Quarter Year Sales Company Production Profit Maker Demand Billion

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Article Type: News Report

Published On: 2024-10-30 @ 15:48:44 (1 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 628 words

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