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Industry

K battery makers see end of chasm tunnel, profitability within reach in Q2

South Korea\'s three major battery makers posted weak first-quarter results. LG Energy Solution and Samsung SDI swung to operating losses, and SK On is also expected to remain in the red. Brokerages see the first quarter as a cyclical trough and expect a shift to profitability from the second quarter as energy storage system sales ramp up and electric-vehicle demand recovers. Key variables include the pace of ESS revenue recognition and normalization of North American production.

Finance

KOSPI breaks 6,600 intraday for first time, South Korean market cap tops 6,000 trillion won

South Korea\'s KOSPI rose above 6,600 during trading for the first time, lifting the combined market value of the country\'s stock markets past 6,000 trillion won. At 10:12 a.m. on April 27, the KOSPI was up 1.79 percent at 6,591.41 after touching a record 6,603.01. The Korea Exchange put total market capitalisation at 6,032 trillion won, led by the KOSPI market at 5,354 trillion won.

Industry

Samsung SDI, Mercedes-Benz sign multi-year deal for high-nickel batteries

Samsung SDI will supply batteries to Mercedes-Benz electric vehicles for the first time, after signing a multi-year contract to provide next-generation EV batteries. The companies said the supplied batteries will use high-nickel NCM materials and include Samsung SDI’s proprietary safety solution. Mercedes-Benz plans to install the batteries in future small and mid-sized electric SUV and coupe models. The two sides also agreed to expand strategic cooperation in future mobility.