EV Battery Market Shakeout: Analyzing Strategic Shifts at LGES and Samsung SDI

Slowing global EV demand forces battery makers to revise strategies. We analyze European expansion delays and the shift toward LFP chemistry.

🤖 AI Analysis•2026年2月3日 02:00

Global EV Market Overview

Global EV sales in 2025 reached 16.5 million units, growing 22% YoY, but the growth rate significantly decelerated from 2024's 35%. European market stagnation is particularly notable, while the US market also falls short of expectations for pure EVs due to hybrid vehicle preferences.

Korean Battery Big 3 Performance Trends

LG Energy Solution

Q4 2025 operating margin at 5.2%, declining QoQ

Poland expansion delayed by 6 months

Pivoting to North America-focused strategy

Expanding ESS (Energy Storage System) business

Samsung SDI

Maintaining premium strategy centered on prismatic batteries

Stable backlog secured through long-term BMW supply contract

Solid-state battery pilot line now operational

SK On (Unlisted)

Continued losses pushing IPO timeline further back

Pursuing cost reduction through Hyundai Motor Group JV

LFP vs Ternary Competition

LFP (Lithium Iron Phosphate) batteries led by CATL and BYD have surpassed 50% global market share. Korean companies maintain advantages in high-energy-density ternary (NCM/NCA) batteries, but their competitiveness in the budget EV market is weakening.

Investment Verdict

The battery sector faces short-term restructuring pressure, but the mid-to-long-term EV transition remains irreversible. Current share prices already reflect significant negative factors, warranting caution against excessive pessimism.

LG Energy Solution: Maintain neutral on North American IRA benefits + ESS growth

Samsung SDI: Consider gradual accumulation on solid-state battery momentum

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💡Methodology

This analysis is auto-generated by AI combining investment bank reports, earnings data, market data, and news sentiment. Not investment advice.

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