Samsung, LG battery units estimated to post tepid earnings in Q3

SEOUL: South Korean battery makers are estimated to have logged weaker-than-expected earnings in the third quarter amid a global shortage of automotive chips and recall of electric cars for battery fire risks, analysts said on Sunday.

Samsung SDI Co., the battery-making unit of Samsung Electronics Co., is believed to have posted solid operating profit in the July-September period, but LG Energy Solution Ltd. and SK Innovation Co. are expected to report tepid bottom line, according to the analysts.

Samsung SDI is expected to log an operating profit of 345.2 billion won ($290 million) in the third quarter, up 29 per cent from a year earlier, according to a poll by Yonhap Infomax, reports Yonhap news agency.

Its brisk earnings are expected to be led by solid demand for electric vehicle (EV) battery products, with analysts forecasting Samsung SDI to log record revenue in the third quarter. (IANS)

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