SK Innovation with positive signs for EV battery business growth

2 November 2020, 01:27:08

SK Innovation with positive signs for EV battery business growthIn a report related to SK Innovation's Q3 business results released by the securities industry on October 30, the company focuses on its EV battery business growth.

KB Securities Researcher Young-Chan Baek mentions that sales of the electric vehicle battery business in the third quarter of this year were KRW 486 billion, an increase of 155.9% compared to the same period last year. He expects, SK Innovation's battery business to continue to grow in 2021.

Researcher Lee Do-yeon of Korea Investment & Securities said that the value of SK Innovation's EV batteries will be revealed in 2021 along with market conditions improvement. This will happen because the battery value will reflected in the stock price.

Researcher Cho Hyeon-ryul of Samsung Securities said that the industry is expected to improve gradually from the beginning of 2021, and the reflection of SK Innovation's electric vehicle battery-related stock prices remains potential momentum. He expects sales growth (up 44% QoQ) as well as further improvement in profitability.

Researchers Jeon Woo-je and Gang Seok-oh of Heungkuk Securities also said that it is necessary to pay attention to the growth potential of SK Innovation's electric vehicle batteries business. The company'sbattery sales guidance for Q4 is 684 billion won. This is an increase of 205% compared to the previous year and 41% compared to the previous quarter. The operating profit margin is also improving. Expectations are SK Innovation's EV battery production capacity to increase rapidly from 4.7GWh in 2019 to 28GWh in 2020, 41GWh in 2021, and 85GWh in 2023.

Researchers Lee Dong-wook and Kwon Jun-soo of Kiwoom Securities also revealed that SK Innovation is aggressively expanding its battery production capacity. Next year's production capacity is expected to increase by 8.7 times compared to last year to 41GWh. When the first and second plants in Georgia and the second plant in Komarom in Hungary are completed, the total battery production capacity of SK Innovation will expand to 85GWh.

Related news

News related to SK Innovation

SK Innovation plans on to increase its own production of cathodes to 20%

SK Innovation has announced that it will aim to increase the amount of cathodes that are produced in-house to 20% of all the cathodes it uses. These are high-nickel cathodes and the goal is set to be achieved in 2025. At present, SK Innovation sources out cathodes entirely. NCM811 cathodes are supplied by EcoPro BM. NCM523 cathodes are provided by L&F. The company plans to mix L&F's cathodes with the CSG one...

11 May 2021

SK Innovation and LG Energy Solution reach an agreement to close the ITC matter and all global and domestic litigation

This morning, SK Innovation announced that it has reached an agreement with LG Energy Solution to settle the U.S. ITC battery dispute on April 11th (KST). Under this agreement, all on-going litigation, including the ITC matter starting from April 2019, will be closed. The two companies agreed that SK Innovation will provide LG Energy Solution a total of 2 trillion won (USD $1.8 billion) apportioned into lump-sum...

12 April 2021

SK Innovation will split off its battery unit into a wholly-owned subsidiary

According to Korean news outlet - Korea Herald - SK Innovation will split off its battery unit into a wholly-owned subsidiary. This decision has been reportedly taking during a CEO meeting earlier this year and a split-off was preferred over a spin-off. The split-off will result in the battery business becoming a wholly-owned subsidiary. The spin-off will result in a subsidiary under SK Group, with SK Holdings and...

24 March 2021

SK Innovation has increased its annual battery production sixfold from 2019 to 2020

Thanks to its factories in Hungary and China that already began operation, SK Innovation has increased its battery production capacity sixfold from 2019 to 2020. The latest facility that joined SK Innovation's portfolio is the Blue Sky United Energy plant in Yancheng, China, which started manufacturing cells this month. This is a second China facility for the company after the one in Changzhou. Together with the...

23 November 2020

Chinese EV Battery brands on the rise, Svolt enters Top 10 for the Chinese market

According to the Chinese market research firm Battery China, a total of 6.6GWh of EV batteries were deployed in September on the Chinese market which marks a 66.4% YoY increase and a 28.3% MoM increase. CATL took first place with a 47.1% market share, followed by BYD with a 14.4% share and LG Chem with a 13.8% share. LG Chem's local performance is entirely dependent on the Tesla Model 3 orders. Vehicles from the...

28 October 2020

CATL catches up with LG Chem in EV battery market for 2020

According to the latest report by SNE Research, LG Chem holds the first place in the global EV battery market according to GWh shipped in the January-August period of 2020. The Korean giant holds 15.9% of the market. However, CATL is quickly catching up with 15.5% market share. They are followed by Panasonic with 12.4%, Samsung with 4.1%, and BYD with 3.7%. During the January-August period of 2020, the total amount...

10 October 2020

Hyundai and SK Innovation agree to cooperate in the field of EV batteries including leasing

Two months ago, the chiefs of Hyundai and SK Innovation met to discuss possible cooperation in the EV market. Obviously, the two companies have reached a level of agreement. More specifically, they have agreed to cooperate in the development of a sustainable ecosystem for EV batteries, which includes battery sales solutions, battery management service and battery reuse, and recycling. To enable cooperation, both...

11 September 2020

SK Innovation will work with Nobel laureate Prof. John B Goodenough on solid-state batteries

SK Innovation announced that it will work together with the Nobel laureate Prof. John B Goodenough from the University of Texas in Austin on researching solid-state electrolytes for lithium-metal batteries. The goal is to achieve a product with increased energy density for longer range, more compact battery size, and improved battery safety. The company is convinced that this collaboration will contribute greatly to...

2 August 2020

BMW will receive EV batteries from EVE Energy

EVE Energy is a joint venture partner of SK Innovation in China. Under the joint venture, the two companies are building the Blue Sky United Energy plant for EV batteries in Yancheng. It is projected to have an annual production rate of 20-25GWh. Recently, EVE Energy company has announced that it will supply EV batteries to BMW. For BMW Brilliance - the automakers' joint venture in China, batteries will come from...

27 July 2020

SK Innovation started the construction of its second EV battery plant in the USA

Various Korean media report that the SK Innovation has started the construction of its second EV battery plant in the USA. The site is located in Jackson County, Georgia. The initially planned inauguration event was canceled due to the state of an emergency caused by the Covid-19 spreading. The annual production capacity of the second factory will be around 11.7GWh. Combined with the capacity of the first factory...

9 July 2020

Hyundai Motor and SK Innovation chiefs meet to discuss cooperation in the EV market

Yonhap and other South Korean news outlets report that the chiefs of Hyundai and SK Innovation have met to discuss future cooperation in the EV market. The Executive Vice Chairman of Hyundai Motor Group - Chung Euisun, and the Chairman of SK Group - Chey Tae-won have met to discuss cooperation on next-generation EV battery technologies, power management chips, and the battery-as-a-service (Baas) platform. The...

8 July 2020

Hyundai Motor and LG Chem chiefs meet to discuss EV batteries

Various South Korean news outlets announced today that the Executive Vice Chairman of Hyundai Motor Group, Chung Euisun, and the LG Group Chairman, Koo Kwang-mo, will meet next week to discuss electric vehicle battery business. According to industry sources, Chung will visit LG Chem's EV battery production site located in Cheongju, North Chungcheong Province, on Monday. LG Chem is already chosen to supply batteries...

19 June 2020

SK Innovation became the fifth largest EV battery supplier in April

In April 2020, SK Innovation entered the global Top 5 in the EV battery market for the first time. SK Innovation said that according to SNE Research, the company had a 3.5% market share by supplying 189.1 MWh of batteries. Samsung SDI was sixth with 3.4% market share by deploying 187.2 MWh in April. LG Chem was second with 18.2% market share and 988.1 MWh deployed. In the January-April period, LG Chem, Samsung SDI...

18 June 2020

SK Innovation establishes a global EV batteries production base

SK Innovation is accelerating the expansion of electric vehicle battery production capacity in order to establish a stable supply base in line with the explosive growth of electric vehicles expected in the post-Corona 19 era. The company's strategy includes expanding its production plants over the globe and promoting the establishment of joint ventures with local automakers. According to recent industry and market...

8 June 2020

EV Specifications

Complete specifications of EVs, grouped according to their brand and year

AudiBMWBytonChevroletDaciae.GOFIATFordHondaHyundaiJaguarKIAMazdaMercedes-BenzMGMININIONissanOpelPeugeotPolestarPorscheRenaultRivianSEATŠKODAsmartTeslaVolkswagenVolvo

Featured

Specifications of some of the most interesting and anticipated EVs.

2022 BMW iX xDrive50

2022 BMW iX xDrive50

Doors: 5, Seats: 5
Length: 195.0 in / 4953 mm
Width: 77.4 in / 1967 mm
Height: 66.8 in / 1696 mm
Curb weight: 5379.28 lb / 2440 kg
Electric motor #1: 250 kW, 400 Nm, Location: Rear
Electric motor #2: 200 kW, 352 Nm, Location: Front
Battery: 111.5 kWh, Voltage: 330.3 V

2022 BMW i4 M50

2022 BMW i4 M50

Doors: 5, Seats: 5
Length: 188.3 in / 4783 mm
Width: 72.9 in / 1852 mm
Height: 57.0 in / 1448 mm
Curb weight: 5048.59 lb / 2290 kg
Electric motor #1: 230 kW @ 8000 - 17000 rpm, Location: Rear
Electric motor #2: 190 kW @ 8000 - 17000 rpm, Location: Front
Battery: 83.9 kWh, Voltage: 398.5 V

2022 Hyundai IONIQ 5

2022 Hyundai IONIQ 5 Long Range AWD

Doors: 5, Seats: 5
Length: 182.5 in / 4635 mm
Width: 74.4 in / 1890 mm
Height: 63.2 in / 1605 mm
Location: Rear
Location: Front
Battery: 72.6 kWh, Voltage: 800 V

2022 Hyundai IONIQ 5

2022 Hyundai IONIQ 5 Long Range RWD

Doors: 5, Seats: 5
Length: 182.5 in / 4635 mm
Width: 74.4 in / 1890 mm
Height: 63.2 in / 1605 mm
Electric motor: 160 kW, 350 Nm, Location: Rear
Battery: 72.6 kWh, Voltage: 800 V

2022 Chevrolet Bolt EUV

2022 Chevrolet Bolt EUV Launch Edition

Doors: 5, Seats: 5
Length: 169.5 in / 4305 mm
Width: 69.7 in / 1770 mm
Height: 63.6 in / 1616 mm
Curb weight: 3679.52 lb / 1669 kg
Electric motor: 150 kW, 360 Nm, Location: Front
Battery: 65 kWh, Voltage: 350 V

2022 Chevrolet Bolt EUV

2022 Chevrolet Bolt EUV Premier

Doors: 5, Seats: 5
Length: 169.5 in / 4305 mm
Width: 69.7 in / 1770 mm
Height: 63.6 in / 1616 mm
Curb weight: 3679.52 lb / 1669 kg
Electric motor: 150 kW, 360 Nm, Location: Front
Battery: 65 kWh, Voltage: 350 V

2022 Chevrolet Bolt EV

2022 Chevrolet Bolt EV Launch Edition

Doors: 5, Seats: 5
Length: 163.2 in / 4145 mm
Width: 69.5 in / 1765 mm
Height: 63.4 in / 1611 mm
Curb weight: 3589.13 lb / 1628 kg
Electric motor: 150 kW, 360 Nm, Location: Front
Battery: 65 kWh, Voltage: 350 V

2022 Chevrolet Bolt EV

2022 Chevrolet Bolt EV 2LT

Doors: 5, Seats: 5
Length: 163.2 in / 4145 mm
Width: 69.5 in / 1765 mm
Height: 63.4 in / 1611 mm
Curb weight: 3589.13 lb / 1628 kg
Electric motor: 150 kW, 360 Nm, Location: Front
Battery: 65 kWh, Voltage: 350 V

2021 Volkswagen ID.3

2021 Volkswagen ID.3 Pro S Tour

Doors: 5, Seats: 4
Length: 167.8 in / 4261 mm
Width: 71.2 in / 1809 mm
Height: 61.7 in / 1568 mm
Curb weight: 4263.74 lb / 1934 kg
Electric motor: 110 kW, 310 Nm, Location: Rear
Battery: 45 kWh, Voltage: 408 V

2021 Volkswagen ID.3

2021 Volkswagen ID.3 Pro Performance Max

Doors: 5, Seats: 5
Length: 167.8 in / 4261 mm
Width: 71.2 in / 1809 mm
Height: 61.7 in / 1568 mm
Curb weight: 3979.34 lb / 1805 kg
Electric motor: 150 kW, 310 Nm, Location: Rear
Battery: 58 kWh, Voltage: 408 V

2021 Opel Mokka-e

2021 Opel Mokka-e Launch Edition

Doors: 5, Seats: 5
Length: 163.4 in / 4151 mm
Width: 70.5 in / 1791 mm
Height: 60.3 in / 1532 mm
Electric motor: 100 kW, 260 Nm, Location: Front
Battery: 50 kWh

2021 Hyundai KONA Electric

2021 Hyundai KONA Electric Ultimate 64 kWh

Doors: 4, Seats: 5
Length: 164.6 in / 4180 mm
Width: 70.9 in / 1800 mm
Height: 61.2 in / 1555 mm
Curb weight: 3836.04 lb / 1740 kg
Electric motor: 150 kW @ 3600 rpm, 395 Nm, Location: Front
Battery: 64 kWh, Voltage: 356 V

2021 Tesla Model 3

2021 Tesla Model 3 Performance AWD

Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 4100.6 lb / 1860 kg
Electric motor #1: 211 kW, Location: Rear
Electric motor #2: 147 kW, Location: Front
Battery: 79.5 kWh, Voltage: 360 V

2021 Tesla Model 3

2021 Tesla Model 3 Long Range AWD

Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 4071.94 lb / 1847 kg
Electric motor #1: 188 kW, Location: Rear
Electric motor #2: 147 kW, Location: Front
Battery: 79.5 kWh, Voltage: 360 V

2021 Tesla Model Y

2021 Tesla Model Y Performance AWD

Doors: 4, Seats: 5 / 7
Length: 187.0 in / 4751 mm
Width: 75.6 in / 1921 mm
Height: 63.9 in / 1624 mm
Curb weight: 4415.86 lb / 2003 kg
Location: Rear
Location: Front
Battery: 74 kWh

2021 Tesla Model Y

2021 Tesla Model Y Long Range AWD

Doors: 4, Seats: 5 / 7
Length: 187.0 in / 4751 mm
Width: 75.6 in / 1921 mm
Height: 63.9 in / 1624 mm
Curb weight: 4415.86 lb / 2003 kg
Location: Rear
Location: Front
Battery: 74 kWh

2021 Tesla Model X

2021 Tesla Model X Performance

Doors: 4, Seats: 5 / 6 / 7
Length: 198.3 in / 5037 mm
Width: 78.7 in / 1999 mm
Height: 66.0 in / 1676 mm
Curb weight: 5740.84 lb / 2604 kg
Electric motor #1: 375 kW, 720 Nm, Location: Rear
Electric motor #2: 205 kW, 420 Nm, Location: Front
Battery: 100 kWh, Voltage: 350 V

2021 Tesla Model X

2021 Tesla Model X Long Range Plus

Doors: 4, Seats: 5 / 6 / 7
Length: 198.3 in / 5037 mm
Width: 78.7 in / 1999 mm
Height: 66.0 in / 1676 mm
Curb weight: 5630.61 lb / 2554 kg
Electric motor #1: 210 kW, 335 Nm, Location: Rear
Electric motor #2: 205 kW, 420 Nm, Location: Front
Battery: 100 kWh, Voltage: 400 V