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Samsung SDI shifts to Q2 loss on extended EV slowdown

Published: 31 Jul. 2025, 17:50

Samsung SDI's 46-phi cylindrical battery [SAMSUNG SDI]

Samsung SDI, Korea's second-largest battery maker, said Thursday it swung to a net loss in the second quarter, weighed down by a prolonged downturn in electric vehicle (EV) sales.

For the three months ended June 30, the company posted a net loss of 166.7 billion won ($120.2 million), shifting from a net profit of 301.2 billion won a year earlier, it said in a regulatory filing.

Samsung SDI also reported an operating loss of 397.8 billion won in the second quarter, reversing from an operating profit of 241 billion won a year ago. Sales fell 22.2 percent to 3.17 trillion won from 4.08 trillion won.

In the second half, the company said it will focus on boosting sales of energy storage system (ESS) batteries and expanding its offerings of both prismatic lithium iron phosphate (LFP) batteries.

"We will flexibly operate our U.S. battery plant in Indiana, run by StarPlus Energy — a 51:49 joint venture with Stellantis N.V. — due to lower-than-expected market demand," said Kim Soo-han, executive vice president in charge of automotive and ESS battery sales, during the company's earnings call.

The company plans to begin producing ESS batteries at the Indiana-based StarPlus Energy plant within this year to help offset the slump in EV battery demand, he said.

Samsung SDI launched operations at the StarPlus Energy facility in late 2024 and is currently building two more plants in Indiana: one with Stellantis and another with General Motors.

In addition to the U.S. joint ventures, Samsung SDI operates two domestic battery cell plants and four overseas plants located in China, Hungary and Malaysia.

For the first half of the year, the company swung to a net loss of 382.7 billion won from a net profit of 587.8 billion won in the same period last year.

Yonhap

Yonhap