Samsung SDI reportedly gained 63 percent higher net profit in 2022, this makes its highest record in terms of mid-to-large batteries for electric vehicles (EVs).
According to the information, its net profit came in at an all-time high of 2.04 trillion won ($1.7 billion) last year, up 63.1 percent on the year, beating the market consensus of 1.97 trillion won.
This milestone reached 48.5 percent to 20.1 trillion won. Operating profit soared 69.4 percent to a fresh high of 1.8 trillion won.
“Sales of mid-to-large batteries like Gen. 5 constantly increased,” Michael Son, senior vice president of the company during a conference call on Monday.
Gen. 5 is Samsung SDI’s nickel-cobalt-aluminum (NCA) battery with 88 percent nickel content. Its main client for Gen. 5 batteries is BMW. Quarterly net profit rose 60.7 percent to 629.2 billion won in the fourth quarter, while sales jumped 56.3 percent to 5.97 trillion won.
But the electronics materials business saw an 11.9 percent decline in sales, with operating profit sliding by 9.5 percent.
The South Korean tech giant is also creating its own cylindrical batteries 46 millimeters in diameter. The height of the battery has not been decided yet. The plant in Cheonan, South Chungcheong, is expected to start production in the first half.
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