South Korean battery giants LG New Energy, Samsung SDI Corp. and SK On Corp. are expected to reach record total sales of about 50 trillion won (about 273 billion yuan) this year.
According to market tracker FnGuide, LG New Energy’s revenue is expected to grow 41.4 percent year-on-year to 25.2 trillion won (about 137.592 billion yuan) this year. Net profit is expected to jump 95.3 percent to 1.5 trillion won (about 8.19 billion yuan), surpassing the 1 trillion won mark for the first time.
SK On is expected to achieve revenue of 6 trillion won (about 32.76 billion yuan), having made a profit after being spun off from SK Innovation last year.
In October this year, the power battery installation ranking, three Korean battery giants LG New Energy, SK On, and Samsung SDI ranked third, fifth, and sixth, with a market share of 11.3%, 5.4%, and 4.9%, respectively.
