South Korean business media BusinessKorea, according to estimates, South Korea’s three largest electric vehicle battery manufacturers LG New Energy, Samsung SDI and SK On 2023 operating profit will total more than 5 trillion won (currently about RMB 27.5 billion).
LG New Energy expects operating profit to grow 94% to 2.3606 trillion won this year. Samsung SDI expects operating profit to grow 30% to 243.21 billion won, and SK On, which lost money last year, expects operating profit to reach about 100 billion won.
LG Energy Solutions had an order backlog of more than 385 trillion won at the end of last year. The company plans to add 20 GWh of capacity in Europe, 40 GWh in Asia and 40 GWh in North America, and its annual production capacity, which stood at 200 GWh last year, is expected to reach 540 GWh by 2025. Samsung SDI, which started production of its fifth-generation batteries in the second half of last year, is expected to lead the company’s sales growth this year.
It is estimated that the three major battery makers will have a backlog of orders on hand of more than 100 trillion won in 2023 (currently about RMB 5.5 trillion).