- Samsung SDI Co Ltd (OTC:SSDIY) is developing lithium-ion phosphate (LFP) batteries at the firm’s research and development center in Suwon, Gyeonggi Province, Korea Herald reports.
- LFP batteries offer lower prices and stability by using phosphoric acid and iron as the primary materials attracting Tesla Inc (NASDAQ:TSLA) and NIO Inc (NYSE: NIO). They are relatively safer from fire risks, lower in energy density, and heavier in weight.
- The Chinese companies predominantly manufacture them. Contrastingly lithium-ion batteries contain expensive metals such as nickel, cobalt, and manganese.
- Samsung aims to tap the demand surge for energy storage systems. Energy storage systems are huge batteries that store excess electricity generated by renewables.
- In 2020, Samsung SDI controlled 31% of the global ESS market. Therefore, Samsung SDI’s commanding status is rendered as vulnerable as ESS trends gradually shift toward LFP batteries.
- The share of LFP batteries in the global battery market will likely surge from 10% in 2015 to 30% in 2030. In the same period, lithium-ion batteries will likely contract from 70% to 30%.
- The dominance of LG Energy Solution and CATL in the lithium-ion battery market explains Samsung’s move.
- The battery business suffers from high recall risks. The cost-cutting is limited as minerals account for 60% of total costs leading. Thus the business enjoys just a 10% operating margin versus the chip’s 30% margin.
Enova International Q4 EPS $1.76 Beats $1.71 Estimate, Sales $486.16M Beat $486.03M Estimate
Enova International (NYSE:ENVA) reported quarterly earnings of $1.76 per share which beat the analyst consensus estimate of $1.71 by 2.92 percent. This is a 9.32 percent increase over earnings of $1.61 per share from the
