Higher growth is expected in the second half of the year.

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
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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
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Sources: Samsung SDI, Reuters