Higher growth is expected in the second half of the year.
Samsung SDI increased its revenues in the second quarter of 2020 by over 6%, despite the COVID-19 lockdown hampering the results, especially in Europe.
The net profits went down significantly in Q2, although it is actually good to show any profits these days.
According to the South Korean manufacturer, and battery supplier to carmakers like BMW and Audi, the second quarter of 2020 is expected to bring a “sharp rise” in battery sales.
One of the main reasons is new EV incentives in Europe, which drive plug-in sales up significantly.
The company wrote:
2H, Revenue and profitability growth are expected
- xEV sales to grow with European electric vehicle support policies
- ESS sales to increase continuously led by overseas utility projects
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