Samsung SDI increased its revenues in the second quarter of 2020 by over 6%, despite the COVID-19 lockdown hampering the results, especially in Europe.
The net profits went down significantly in Q2, although it is actually good to show any profits these days.
- Revenue: ≈$2.14 billion (up 6.4% year-over-year)
- Revenue (Li-ion Battery - xEV and non-automotive): ≈$1.60 billion (up 5.3% year-over-year)
75% of total revenue
- Net Profit: ≈$40 million (down 70.2% year-over-year)
1.9% of net margin
According to the South Korean manufacturer, and battery supplier to carmakers like BMW and Audi, the second quarter of 2020 is expected to bring a "sharp rise" in battery sales.
One of the main reasons is new EV incentives in Europe, which drive plug-in sales up significantly.
The company wrote:
2H, Revenue and profitability growth are expected
- xEV sales to grow with European electric vehicle support policies
- ESS sales to increase continuously led by overseas utility projects
Sources: Samsung SDI, Reuters