Samsung SDI CEO Predicts EV Battery Market Growth Despite Short-Term Slowdown
- Samsung SDI CEO Choi Yoon-ho remains optimistic about EV battery growth despite current demand slowdowns.
- The company is investing in high-value batteries, R&D, and production capacity to stay competitive.
- Long-term demand for EVs is expected to rise due to green energy policies and battery technology advancements.
Samsung SDI's CEO stated on Wednesday that demand for electric vehicles is expected to remain sluggish until at least the first half of 2026, citing ongoing market challenges.
Speaking at the company’s shareholders’ meeting, CEO Choi Joo-sun acknowledged the slowdown in EV demand but emphasized the sector’s long-term potential, driven by technological advancements and the push for cleaner energy.
Although Samsung SDI reported an operating loss while the market is experiencing fluctuations, he reassured investors that the industry remains on an upward trajectory.
Choi highlighted Samsung SDI’s commitment to high-value battery products, including solid-state and cylindrical batteries, to maintain a competitive edge.
The global EV battery market has faced recent pressures due to economic uncertainties and fluctuating demand.
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However, Choi emphasized that long-term trends, such as government policies and technologies supporting green energy and advancements in battery efficiency, will drive sustainable growth.
Rival battery firm LG Energy Solution (LGES) CEO Kim Dong-myung said its earnings will begin gradually improving in the second half of the year.
The supplier to Tesla reported a loss of 257 billion won ($176.54 million) in the fourth quarter of 2024, and ($158 million) for the October-December period compared to a profit of 338 billion won in the same period a year ago.
Edited by Harshajit Sarmah
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