Battery.com learned that Samsung SDI, a battery subsidiary of Samsung Electronics, released a financial report on Tuesday that its net profit in the second quarter plummeted 70% year-on-year to 47.7 billion won (approximately US$39.9 million), mainly due to weak battery demand caused by the new crown virus epidemic.

(Image source: Samsung SDI official website)

On July 28th, Battery.com learned that Samsung SDI, a battery subsidiary of Samsung Electronics, announced its financial report on Tuesday that its net profit in the second quarter plummeted 70% year-on-year to 47.7 billion won (approximately US$39.9 million), mainly due to the new crown virus epidemic Of weak battery demand.

Samsung SDI’s second-quarter revenue increased by 6.4% to 2.559 trillion won, while operating profit fell 34% to 103.81 billion won.

Samsung SDI said that due to the epidemic suppressing demand, the sales of electric vehicle batteries were sluggish in the second quarter, but the company expects that due to European policy support for electric vehicles and rapid sales of energy storage system units overseas, demand will increase later this year.