Daily Archives: January 30, 2024

Samsung SDI Q4 net profit downs 21.6%

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Samsung SDI added Tuesday its 4th quarter earning down 21.6% on year due to decrease demand for batteries used in energy storage system and IT products.

Net profit came to 493.3 billion won in the October December period 2023 compared with 629.2 billion won from a year earlier, the company expressed in a regulatory filing.

The company posted 22.7 trillion won in sales, up 12.8% from a year ago. Company sales fell 6.7% on year to 5.56 trillion won, while operating profit slumped 36.5 percent on year to 311.8 billion won.

Sales down 6.7$ on year to 5.56 trillion won, operating profit slumped 36.5 % on year to 311.8 billion won. The average estimate of net profit by analysis stood at 383.3 billion won.

Shares in Samsung SDI fell 1.19% to close at 347,500 won on the Seoul stock market Tuesday.

For all of 2023, the company posted 22.7 trillion won in sales up 12.8% from a year ago. its operating income for the down 9.7% on year to 1.63 trillion won and net profit edged up 1.3 percent tp 2.06 trillion won.

Demand for automotive batteries remained strong in the 4th quarter of previous year, however sales of ESS products and small batteries faced challenges.

The P6 batteries will mass produced starting january for consumers in Europe and North America, with sales expected to contribute to the company earning from 2nd quarter.

In the electronic material business its sales spike 9.3% on year to 566.5 billion won and operating profit down 35% on year to 85.7 billion won.

Despite worries about slowing demand for electric vehicles, Samsung SDI told it will maintain factory rates in 2024 and proceed with the scheduled expansion of production facilities.

Samsung SD added it plans to initiate mass production of its premium battery product, P6 in the 1st quarter to sales and profits and secure projects for next generation platforms.

General Motors stock rises after earnings crush estimates

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GM’s quarterly revenue is $4 billion more than the consensus. General Motors Co.’s stock spike 7.7% early Tuesday after the auto giant blew past estimates for the the 4th quarter and offered upbeat guidance.

The company GM 9.27% posted net income of $2.102 billion or $1.59 a share for the quarter up from $1.999 billion or $1.39 a share, in the year earlier period.

Revenue fell to $42.980 billion from $43.108 billion.

Chief Executive Mary Barra wrote ” Consensus is growing that the US economy the job market and auto sales will continue to be resilient and at GM we expect healthy industry sales of about 16 million units with mix of Evs continuing to grow.”

In addition to internal combustion engine model like 2024 Chevrolet Traverse and 2025 Chevrolet Equinox, the company goals to grow its electric vehicle business.

The company plans to relaunch its self driving cruise business. Barra added.

The company is now expecting 2024 EPS of $8.50 to $9.50. It expects capex of $10.5 billion to $11.5 billion, including investments in its battery cell manufacturing joint ventures.

The stock has fallen 2.5% in the previous one year while the S&P 500 SPX has gained 22.7%.

In addition to internal combustion engine model like the 2024 Chevrolet Traverse and 2025 Chevrolet Equinox, the company mission to rapid its electric vehicle business. The company also plan to relaunch its self driving Cruisee Business. Barra added.

Californian regulators revoked Cruise license to operate in San Francisco after accusing the company of not being forthcoming enough about an Oct.3 incident in which Cruise driveries car struck a pedestrian who had already hit by another car.

The Cruise vehicle pulled to the side of the road, dragging the victim beneath it for about 20 feet

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Toyota recalls 50,000 vehicles in US over airbag death or injury threats

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Toyota has stress owners of 50,000 automobiles in the US to get immediate repairs as airbag inflators made by Takata could explode and murder them.

Since 2009 more than 30 deaths have been linked to air bag inflators produced by Takata. The Do not Drive advisory covers world mega carmakers from 2003 to 2005.

Those fragments could cause death to driver or passenger or serious injury. Toyota says. “If the airbag deploys a part inside is more likely to explode and shoot sharp metal fragments”.

The vehicles involved in the recall are 2003-2004 model Corolla, 2004-2005 RAV4 and Corolla Matrix 2003-2004.

Lot of concerns with Takata airbag inflators have resulted in the biggest motor industry safety recall in history, involving over 100 million products and over 20 carmakers.

This week , the japanese car giant suspended shipments of some vehicles due to irregularities in certification tests for diesel engines which were developed by Toyota Industries.

Toyota Industries employees manipulated horsepower output tests. After more than a decade and half of recalls, criminal investigation and lawsuits in the US, Takata filed for bankruptcy in 2017. It assets were sold to Chinese owned key safety system for about $1.6bm.

The affected engines are used in 10 models sold globally including Land Cruiser sport utility vehicle and Hiace Van. Toyota added

Toyota expressed it sold a record of 11.2 million vehicles in 2023 cementing its position as the world top selling carmaker for a 4th year in a row.

Toyota is also seeking to resolve a case of misconduct at small car specialist Daihatsu after admitted falsifying safety tests dating back over than 3 decades.

Daihatsu headquarters were raided by Japan transport ministry and global shipment of the vehicles were suspended. The government has since revoked certification of 3 Daihatsu models.

Germany Volkswagen sold 9.2 million vehicles previous year.