Samsung SDI CEO says EV demand to remain sluggish until H1 of 2026 (updated)

Samsung SDI

05/03/2025 01:13

Adds more comment from battery companies

SEOUL, March 5 (Reuters) - The chief executive of South Korean battery maker Samsung SDI 006400.KS said on Wednesday demand for electric vehicles will remain sluggish until the first half of next year.

CEO Choi Joo-sun also told reporters at a major battery expo that the company's earnings will likely bottom out in the first quarter of this year and begin a gradual recovery starting in the second quarter.

Samsung SDI reported an operating loss of 257 billion won  ($176.54 million) in the fourth quarter of 2024.

Rival battery firm LG Energy Solution (LGES) 373220.KS CEO Kim Dong-myung said its earnings will begin gradually improving in the second half of the year.

The supplier to Tesla TSLA.O reported an operating loss of 226 billion won ($158 million) for the October-December period compared to a profit of 338 billion won in the same period a year ago.

($1 = 1,455.8000 won)

 (Reporting by Hyun Joo Jin and Heekyong Yang
Editing by Ed Davies)

 ((jack.kim@thomsonreuters.com; +822 6936 1455;))