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.

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