SEOUL, April 27 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. said Tuesday its first-quarter earnings jumped on a low base effect and solid demand for electric vehicle (EV) battery products. Its net profit reached 150 billion won (US$135 million) in the January-March period, up from 729 million won a year earlier, as [...]
SEOUL, April 13 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. will supply battery cells for U.S. electric vehicle startup Rivian’s upcoming vehicles, the companies said Tuesday. RJ Scaringe of Rivian, backed by Amazon.com Inc. and Ford Motor Co., said in a statement Samsung SDI has been developing the battery cells for its [...]
SEOUL, March 9 (Korea Bizwire) — Samsung SDI Co., South Korea’s No. 2 battery maker, said Tuesday it spent a record high of 808.3 billion won (US$703.2 million) in research and development activities last year to develop advanced battery technologies. Samsung SDI’s R&D spending accounted for 7.2 percent of its 2020 sales, according to its [...]
SEOUL, March 25 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Wednesday it has shuttered its electric vehicle battery plant in the United States due to the novel coronavirus pandemic. Samsung SDI Co., a South Korean manufacturer of electric vehicle and smartphone batteries, also said it has closed its battery pack [...]
SEOUL, Oct. 14 (Korea Bizwire) — Samsung SDI Co., a major electric vehicle battery maker in South Korea, on Monday unveiled safety measures to tackle fires in energy storage systems (ESS) that have been plaguing the industry. Samsung SDI said it has developed a special fire extinguishing system for ESS and will apply it to [...]
SEOUL, Jul. 18 (Korea Bizwire) — Samsung SDI Co, a major electric vehicle battery maker, will join hands with Volvo Group to develop battery packs for electric trucks, the company said Thursday. In a strategic alliance with Sweden-based Volvo Group, one of the world’s largest manufacturers of commercial vehicles, Samsung SDI will provide battery cells [...]
SEOUL, May 16 (Korea Bizwire) — Samsung SDI Co. said Thursday it launched high-capacity energy storage systems (ESS) to expand its presence in the global market amid weak domestic demand over safety issues. The battery-making unit of Samsung Electronics Co. said it showcased its latest ESS technologies at ees Europe 2019, the world’s largest ESS [...]
SEOUL, Feb. 6 (Korea Bizwire) — South Korea’s top two leading rechargeable battery producers are focusing on different markets as they strive to expand their global presence in this key industry, market watchers said Wednesday. LG Chem Ltd. and Samsung SDI Co. have been moving in different directions as the worldwide market for high-capacity batteries [...]
SEOUL, Jan. 25 (Korea Bizwire) — Samsung SDI Co. said Friday that its fourth-quarter net earnings increased 10.8 percent from a year earlier on strong demand for its lithium-ion batteries used in cordless devices and electric vehicles (EVs). In a regulatory briefing, the battery-making unit of Samsung Electronics Co. said its income stood at 266 [...]
SEOUL, Jan. 10 (Korea Bizwire) – South Korean electric car battery makers such as LG Chem Ltd. are jacking up their investment to strengthen their standing in the global market, industry sources said Thursday. Late last year, LG Chem, the country’s leading electric vehicle (EV) battery manufacturer, announced investments totaling 3 trillion won (US$2.67 billion). [...]