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With the flourishing global electric vehicle market, the performance of South Korea’s three major battery manufacturers – SK Innovation, LG Energy Solution, and Samsung SDI — has been successively announced for 2023, showcasing the fierce competition and immense potential of this industry.

Recently, SK Innovation announced its performance, revealing that by the end of 2023, the backlog of orders for its battery business is estimated to exceed 400 trillion Korean won (approximately $300 billion US).

In Q4 of 2023, SK Innovation’s revenue increased by 2.1% year-on-year to 19.5 trillion Korean won (approximately $14.7 billion US); operating profit was 73 billion Korean won (approximately $54.9 million US). In particular, SK On, the battery business, reduced its operating loss in Q4 from 86.1 billion Korean won (approximately $64.8 million US) in Q3 to 18.6 billion Korean won (approximately $14 million US), but it failed to achieve profitability.

In 2023, SK Innovation’s annual sales were 77.29 trillion Korean won (approximately $58.11 billion US), with an operating profit of 1.9 trillion Korean won (approximately $1.43 billion US). Compared to 2022, sales decreased by 768.4 billion Korean won (approximately $577.6 million US), and operating profit decreased by 2.0134 trillion Korean won (approximately $1.514 billion US).

SK Innovation stated that despite the decrease compared to 2022, its battery business achieved a record annual sales of approximately 12.9 trillion Korean won (approximately $9.7 billion US), an increase of about 70% year-on-year, marking the highest sales ever, particularly benefiting from the increase in existing orders.

Source: WeChat Official Account—鑫椤锂电

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