Weak EV sales push Samsung SDI deeper into the red

SEOUL, October 28 (AJP) - South Korea's Samsung SDI reported a fourth consecutive quarterly loss on Tuesday, as a downturn in electric vehicle demand and trade headwinds in the United States continued to weigh on the South Korean battery maker’s earnings.

The company logged an operating loss of 591.3 billion won, or about $430 million, in the July–September period, pushing its cumulative deficit above 1 trillion won for the year. Revenue fell 22.5 percent from a year earlier to 3.05 trillion won, while net income plunged 97.5 percent to 5.7 billion won.

Battery sales, which make up the bulk of Samsung SDI’s business, declined 23.2 percent from a year earlier to 2.82 trillion won. The segment reported an operating loss of 630.1 billion won, reflecting weaker sales of electric vehicle batteries and the impact of U.S. tariffs on energy storage products.

Samsung SDI said it expected performance to improve in the final quarter of the year, supported by a rebound in the European electric vehicle market and stronger demand for energy storage in the United States.

* This article, published by Aju Business Daily, was translated by AI and edited by AJP.

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