Samsung Battery Branch Profits Sixfold Due to Electric Driving

Samsung’s battery division has improved profits sixfold in the previous quarter related to a year earlier. The South Korean company characteristics the significant change to moderately poor results previous year and high mandate for batteries for electric cars in current times.

As the company’s battery division is called, the profit of Samsung SDI increased to 288.3 billion won. That was 47.7 million won in the same period last year. However, turnover increased by more than 30 percent to 3.3 trillion won.

In particular, Samsung points to the high demand for energy storage systems in the US and the popularity of batteries for electric cars in Europe.

Samsung also expects this demand to increase further in the coming six months, and sales of parts for OLED screens and semiconductors will be solid.