[KB증권 리포트]
Volkswagen’s battery strategy inevitably hits three domestic companies
It is estimated that there are no plans to produce LFP batteries by three domestic companies.
However, there are many difficulties such as investment cost and securing of technical manpower.
Volkswagen is unlikely to draw blueprints as expected
Samsung SDI, which makes a square shape, has the possibility of reflective profits.
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Although KB Securities evaluated that the future battery strategy announced by Volkswagen was negative for the three domestic battery companies, Samsung SDI (006400)It said that the relative savings of the company are expected. In addition, he evaluated that it is unlikely that Volkswagen’s future battery strategy will proceed as planned.
According to the Korea Exchange on the 18th, the former Samsung SDI ended at 630,000 won, a drop of 6.03% on the previous trading day. Even Samsung SDI, which is considered to be relatively less affected by Volkswagen’s strategy to increase the proportion of’square batteries’, also fell sharply. Previously, Volkswagen, the world’s largest automaker, announced that it would fully introduce a square-based integrated battery cell by holding’Power Day’. From 2023 onwards, batteries of various structures such as pouch and square will be unified into squares, and the loading rate will be increased to 80% in 2030. In cooperation with European battery maker North Volt, it announced that it will build a battery factory with a total production capacity of 240 GWh (assuming 80 ㎾h per electric vehicle, about 3 million units) in Europe, revealing its will to reduce its dependence on non-European countries.
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On this day, KB Securities analyzed that all three domestic battery companies could not avoid negative effects, but that Samsung SDI’s relative goodwill is expected. If Volkswagen secures its own battery manufacturing capacity of 240GWh by 2030 as originally planned, the decrease in outsourcing volume will inevitably reduce domestic companies’ earnings. It also announced that it will adopt a low-cost model of LFP (lithium iron phosphate) battery, but the LFP battery market is led by Chinese companies such as CATL and BYD. The three domestic companies are focusing on ternary batteries, and it is estimated that there will be no production plans in the future. Lee Chang-min, a researcher at KB Securities, said, “Volkswagen’s expansion of LFP batteries is negative for all Korean companies.” Will”.
KB Securities analyzed that it is unlikely that the blueprint of Volkswagen will come true as planned. This is because there are many obstacles such as increased financial burden due to enormous investment costs, difficulty in securing technical personnel, and high technical patent barriers. The researcher said, “It is unlikely that Volkswagen’s battery strategy will flow as expected.” He added, “In particular, Samsung SDI, which makes prismatic products as its main focus, is expected to benefit from reflections if Volkswagen has difficulty securing the amount of square batteries.
/ Reporter Seung-bae Lee [email protected]
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