SEOUL (Reuters) – The chief executive of South Korean battery maker Samsung SDI 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) CEO Kim Dong-myung said its earnings will begin gradually improving in the second half of the year.
The supplier to Tesla 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)
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