Samsung SDI begins supplying 46-series batteries to US customer
Samsung SDI Co., South Korea's second-biggest battery maker, said Monday it has begun supplying next-generation 46-series cylindrical batteries to a US company.
Samsung SDI produces 4695 batteries, measuring 46 millimeters in diameter and 95mm in height, at its domestic plant and assembles them into modules at its Vietnamese plant for shipments to the US customer, the company said in a press release.
The modules will be delivered to the unidentified American customer for use in micro mobility applications, it said.
Samsung SDI has become the first South Korean battery maker to start supplying 46-series cylindrical batteries for overseas customers.
It aims to take market leadership by expanding supplies of the 46-series batteries to electric vehicle makers.
The company is "currently in talks" with major EV manufacturers for supplies of the cutting-edge batteries, the release said.
Samsung SDI unveiled its 46-series battery lineup, composed of 4680, 4695, 46100 and 46120, at InterBattery 2025, the country's premier battery industry exhibition, held earlier this month.
The global market for 46-series cylindrical batteries is expected to grow by an average of 33 percent annually to 650GWh in 2030 from 155GWh this year, according to market researcher SNE Research. (Yonhap)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
2 hours ago
- Korea Herald
Hanwha Life completes investment in Indonesia's Nobu Bank
Company pioneers Korean insurers' entry into overseas banking South Korean insurer Hanwha Life said Monday it has completed its strategic investment in Indonesia's Nobu Bank, acquiring a 40 percent equity stake and marking its first foray into the overseas banking sector. The deal closed earlier in the day, more than a year after Hanwha signed a stock purchase agreement with Nobu Bank's parent, Lippo Group — Indonesia's sixth-largest conglomerate — in May 2024. The investment deepens Hanwha Life's presence in Indonesia's financial sector. The Korean insurer, along with its Hanwha Group affiliates, already operates across life and general insurance, securities and asset management. With Nobu Bank, it becomes the first Korean insurance firm to enter the country's commercial banking market. Nobu Bank, ranked among Indonesia's top 30 commercial banks, has shown strong and stable growth in recent years. Net income more than doubled from 12 billion won ($8.9 million) in 2023 to 27.9 billion won in 2024, with total assets reaching 3 trillion won as of the end of 2024. Hanwha Life is Korea's second-largest life insurer by premium income and reported a consolidated net profit of 866 billion won last year. Hanwha Life said it aims to combine its financial expertise with Nobu Bank's local branch network to drive retail financial innovation, targeting Indonesia's youthful population —over half of whom are under 30. 'We are proud to set a new milestone by becoming the first Korean insurer to successfully enter the banking sector,' said Kim Dong-wook, chief global business officer at Hanwha Life. 'Leveraging our digital financial expertise and global network, we will continue to shape the future of finance and build a trusted global financial brand.'
Korea Herald
2 hours ago
- Korea Herald
Seoul shares snap two-day losing streak on chemical gains, hope for tariff talks
South Korean stocks finished higher Monday, led by gains in chemical shares, as investors welcomed signs of progress in Sino-US trade talks and looked to developments in tariff negotiations between South Korea and the United States. The local currency strengthened against the US dollar. The benchmark Korea Composite Stock Price Index added 15.76 points, or 0.52 percent, to close at 3,071.7, following a two-day losing run. Trade volume was moderate at 460.56 million shares worth 13.16 trillion won ($9.45 billion), with winners beating losers 488 to 395. Institutional and individual investors bought a net 469.2 billion won and 195.46 billion won worth of stocks, respectively, while foreigners net sold 651.42 billion won. The index opened higher and maintained its momentum, as investor sentiment was buoyed by news that the US and China had reached a deal on tariffs, though details have yet to be disclosed, sending the S&P 500 and the tech-heavy Nasdaq to all-time highs Friday. Eyes are also on ongoing negotiations between Seoul and Washington over the latter's aggressive tariff plan, with 10 days remaining before the US is set to resume its country-specific tariffs. President Donald Trump's administration has signaled openness to extending the pause on the new duties. In April, Trump suspended the imposition of reciprocal tariffs on trading partners, including 25 percent duties on South Korea, until July 8 to allow time for negotiations. "Foreign selling was driven by profit-taking after recent market rallies, but the market appears to have momentum for further gains," said Lee Kyoung-min, a researcher at Daishin Securities. Top cap shares finished mixed, with chemical shares leading the upturn of the index. Market bellwether Samsung Electronics lost 1.64 percent to 59,800 won, while chip giant SK hynix soared 2.82 percent to 292,000 won. Major battery maker LG Energy Solution surged 3.12 percent to 297,000 won, and top chemical firm LG Chemical gained 1.2 percent to 211,550 won. No. 1 steelmaker POSCO Holdings advanced 0.38 percent to 261,000 won. Nuclear power plant manufacturer Doosan Enerbility spiked 3.95 percent to 68,400 won on news that its president, Kim Jung-kwan, was nominated as industry minister. Bio shares drifted lower. Leading biotech firm Samsung Biologics lost 0.4 percent to 992,000 won, and Celltrion edged down 0.19 percent to 159,600 won. Carmakers also lost ground. Top carmaker Hyundai Motor dipped 0.73 percent to 203,500 won, and its sister Kia Motors lost 0.82 percent to 96,900 won. Leading financial firm KB Financial went up 0.27 percent to 110,900 won, while defense giant Hanwha Aerospace sank 4.72 percent to 848,000 won. Top online portal operator Naver increased 1.94 percent to 262,500 won, while Kakao, the operator of the country's dominant mobile messenger, tumbled 1.48 percent to 60,000 won. The local currency was quoted at 1,350 won against the greenback at 3:30 p.m., up 7.4 won from the previous session. (Yonhap)
Korea Herald
2 hours ago
- Korea Herald
Talks underway for Lee-Trump summit but timing not finalized: Seoul
Talks are underway between Seoul and Washington to set up the first summit between South Korean President Lee Jae Myung and US President Donald Trump, an official at the presidential office said Monday, adding that the exact timing has yet to be finalized. The comment came after a report by local daily Donga Ilbo that the summit would be held in July. Citing an unnamed diplomatic source, the newspaper claimed that both sides are coordinating to hold the potential summit in the fourth week of July, and 'preferably before August.' Detailed negotiations, including the time, location and agenda of the potential summit, are expected to kick off after US Secretary of State Marco Rubio's likely visit to South Korea around the time of the ASEAN Regional Forum foreign ministers' meeting in Malaysia in early July, according to the report. Joseph Yun, the acting US ambassador in Seoul, recently said Trump is considering inviting Lee to Washington to hold the summit there. The latest report follows Lee's decision not to attend last week's NATO summit in The Hague, Netherlands, despite talks of a meeting with Trump. Lee's presidential office cited domestic priorities and growing uncertainty in the Middle East as key reasons behind his decision to skip the summit. In June, a planned meeting between the two leaders failed to materialize during the G7 summit in Canada after Trump left the event early. Though the agenda for the upcoming planned summit has yet to be set, Seoul officials and observers pointed to tariffs and defense spending as two main items. Seoul has been seeking exemptions from the US' reciprocal tariffs and new duties on steel, aluminum and automobiles, which are South Korea's key export items. The Trump administration has recently signaled an openness to extending the pause on the new tariffs, which is slated to end on July 8. The tariffs, including 25 percent duties on South Korea, took effect on April 9, but Trump suspended them until July 8 to allow room for negotiations. Meanwhile, Wi Sung-lac, national security adviser to President Lee, told reporters after attending the NATO summit last week, on behalf of Lee, that Seoul and Washington have begun working-level talks on increasing Seoul's defense spending. This is aligned with a new NATO commitment to raise military budgets to 5 percent of gross domestic product by 2035.
