The EV sales boom in Europe contributed to the increase in revenues.

Samsung SDI, one of the major EV battery suppliers, has noticeably increased its revenues in the past quarter by over 20% year-over-year, to probably an all-time level of $2.72 billion.

The good news is that the business overall is also very profitable right now:

  • Revenue: 3,087 billion KRW, ≈$2.72 billion (up 20.2% year-over-year)
  • Revenue (Li-ion Battery - xEV and non-automotive):
    2,382 billion KRW, ≈$2.10 billion (up 22.0% year-over-year)
    77% of total revenue
  • Net Profit: 240.7 billion KRW, ≈$213 million (up 10.7% year-over-year)
    7.8% of net margin
external_image

One of the major factors behind the growth is the large-sized battery cell business:

external_image

Samsung SDI noted that the battery demand from its European customers (like BMW and Audi) was and is expected to stay strong.

Unfortunately, no precise numbers of GWh deployed were provided.

The energy storage segment slightly declined. In Q4 more installations in the U.S. may help to note some growth.

external_image