Prismatic-cell maker to Germany's premium EVs

Samsung SDI

Samsung SDI is a Korean battery maker producing prismatic and cylindrical EV cells, ESS, small-format cells and electronic materials. FY2025 consolidated revenue fell to KRW 13.27 trillion with an operating loss of KRW 1.72 trillion. About 95 percent of revenue comes from the battery segment, with BMW, Audi and Mercedes-Benz as core customers.

006400.KS Updated Jul 12, 2026 4 AI consumers· 2 recurring

Per the valuechain.wiki graph, Samsung SDI is directly linked to 15 companies (13 supply, 2 revenue relationships) and reaches 19 companies within two hops; the links are backed by 34 dated sources, 4 of them primary filings (as of 2026-07-12).

Annual return · 2026-07-10'21-19%'22+15.8%'23-45.7%'24-40.2%'25+75.7%YTD+11.3%
Money in ▸Hyundai Motor●volume 500,000 vehiclesMercedes-Benz●deal value ₩10TBMW Group●General Motors●Stellantis (StarPlus Energy)◐capacity 33 GWhTesla◐deal value $2.1B
Samsung SDIFY2025 revenue ₩13.27tn
▸ Money outLotte Energy Materials●Market share 100%EcoPro BM●Contract value ₩43.9TPOSCO Future M●Contract value 40조원(KRW trillion)L&F●Contract value ₩1.6TDongwha Electrolyte●Chunbo●Cosmo Advanced Materials & Technology●Umicore◐volume 80,000 tonnesEcoPro Materials◐SKC◐PNT (People & Technology)◐Asahi Kasei◐나노신소재 (CNT 도전재)◐LS ELECTRIC◐

Financials & Segments

  • Total revenue · FY2025 revenue ₩13.27tn (op. loss ₩1.72tn)
  • Customer concentration · Battery ≈95% of revenue; concentrated on Germany's premium trio
  • Segments · Automotive (prismatic & 46-series cylindrical) · ESS · Small cells · Electronic materials

Revenue from

  • Hyundai Motor High confidence· volume 500,000 vehicles · 2026~2032 · ~500,000 vehicles
    First battery deal between the two (announced 2023), supply 2026–2032. 6th-gen prismatic P6 (91% Ni NCA) cells from Göd, Hungary.
    Confirms EN Samsung SDI Newsroom Published Oct 23, 2023: Samsung SDI, Hyundai Motor Clinch First Supply Deal for EV Batteries
    Confirms EN KED Global Published Oct 23, 2023: Samsung SDI inks first battery supply deal with Hyundai
  • Mercedes-Benz High confidence· deal value ₩10T · 다년 · industry estimate (not company-disclosed)
    First-ever supply contract signed April 2026 for multi-year high-nickel NCM prismatic cells; completes capture of all three German premium makers.
    Mentions KO ETNews Published Apr 21, 2026: Samsung SDI rises on Mercedes EV battery supply news
    Confirms KO Financial News Published Apr 20, 2026: Mercedes signs first battery deal with Samsung SDI
  • BMW Group High confidence
    Largest and oldest customer (since 2009). Supplies prismatic high-nickel and 46-series cylindrical cells (for Neue Klasse) from Göd, Hungary.
    Confirms EN BMW Group Published Oct 15, 2025: BMW Group and Solid Power take next step in ASSB development: Samsung SDI joins
    Confirms EN The Korea Herald Published Mar 20, 2025: Samsung SDI fast-tracks 46-series cylindrical battery production
  • General Motors High confidence
    US battery JV with GM (~$3.5B, New Carlisle); NCA prismatic cells from 2027.
    Confirms EN Samsung SDI Published Aug 28, 2024: Samsung SDI and GM finalize US battery JV
  • Stellantis (StarPlus Energy) Medium confidence· capacity 33 GWh · 2025~ · JV plant 1 (reportedly unwinding)
    50/50 US JV StarPlus Energy (Kokomo, Indiana) producing prismatic cells; reportedly being unwound as of 2026.
    Contradicts EN KED Global Published Feb 11, 2026: Samsung SDI, Stellantis move to unwind JV
    Confirms EN StarPlus Energy Published May 24, 2022: Stellantis and Samsung SDI to Invest Over $2.5B in StarPlus Energy JV
  • Tesla Medium confidence· deal value $2.1B · 2026~ · media report (undisclosed by company)
    Reported first large-scale ESS LFP cell supply (Megapack/Powerwall, not cars). ~$2.1B, up to ~10 GWh/yr, from ~2026, Kokomo. Counterparty withheld by company.
    Confirms EN KED Global Published Nov 3, 2025: Samsung SDI set to supply ESS batteries to Tesla
    Confirms EN Electrek Published Nov 3, 2025: Tesla reportedly secures $2.1B battery deal with Samsung SDI, but not for its cars

Pays to

  • Lotte Energy Materials High confidence· Market share 100% · StarPlus 1공장 · 100% of US-plant copper foil
    Supplies 100% of copper foil to Samsung SDI's first US plant (StarPlus, Kokomo); sole foil maker to pass its ~1-yr qualification.
    Confirms KO Korea Economic Daily Published Aug 26, 2024: Lotte Energy Materials to supply copper foil to Samsung SDI US plant
    Confirms EN KED Global Published Aug 26, 2024: Lotte Energy to supply copper foil to Samsung SDI-Stellantis JV
  • EcoPro BM High confidence· Contract value ₩43.9T · 2024~2028 · NCA cathode supply contract
    Five-year high-nickel NCA cathode supply contract for 2024-2028 worth KRW 43.87tn. The pair also share the EcoPro EM JV (Samsung SDI 40%).
    Confirms KO EcoPro BM Published Nov 14, 2025: Quarterly report (Q3 2025)
    Confirms KO Newspim Published Dec 4, 2023: EcoPro BM signs KRW 44tn cathode supply deal with Samsung SDI
    Confirms EN KED Global Published Dec 3, 2023: EcoPro BM hits $34 billion jackpot to supply cathodes to Samsung SDI
  • POSCO Future M High confidence· Contract value 40조원(KRW trillion) · 2023–2032 (10년) · Total value of 10-year high-nickel NCA cathode supply contract
    Samsung SDI signed a 10-year (2023~2032) contract in January 2023 to source about KRW 40tn of high-nickel NCA cathodes from POSCO Future M, diversifying cathode sourcing beyond EcoPro BM, L&F and Umicore.
    Confirms EN POSCO Group Newsroom Published Feb 15, 2023: POSCO Chemical lands 40 trillion KRW cathode materials supply contract for Samsung SDI batteries
    Confirms KO POSCO Group Newsroom Published Jan 30, 2023: POSCO Chemical wins KRW 40tn Samsung SDI cathode order
    Confirms KO Newsis Published Jan 30, 2023: POSCO Chemical to supply Samsung SDI battery cathodes in record KRW 40tn deal
  • L&F High confidence· Contract value ₩1.6T · 2027~2029 · ESS LFP cathode supply contract
    LFP cathode for ESS, ~KRW 1.6tn, 2027–2029; described as the first large-scale LFP cathode supply by a non-Chinese firm.
    Confirms KO Aju Business Daily Published Mar 24, 2026: Samsung SDI-L&F sign KRW 1.6tn ESS cathode supply contract
    Confirms EN The Korea Herald Published Mar 24, 2026: Samsung SDI signs W1.6tr cathode deal with L&F in ESS push
    Confirms KO L&F Published Mar 24, 2026: L&F signs KRW 1.6tn mid- to long-term LFP supply deal with Samsung SDI, first outside China
  • Dongwha Electrolyte High confidence
    Long-standing primary electrolyte supplier, sending most of its output to Samsung SDI.
    Confirms KO Asia Economy Published Jan 4, 2024: Battery deep-dive: electrolyte, an IRA beneficiary
  • Chunbo High confidence
    Samsung SDI is the largest customer for Chunbo's electrolyte additives, buying electrolyte salts and functional additives.
    Confirms EN THE ELEC Published Jan 25, 2021: Chunbo to double electrolyte production
  • Cosmo Advanced Materials & Technology High confidence
    Buys NCM cathode active material (NCM523 for ESS and small cells) from Cosmo AM&T; about 80% of Cosmo's cathode volume in Q3 2025.
    Confirms KO FSS DART Published Jun 2, 2026: Cosmo AM&T Annual Business Report (FY2025)
  • Umicore Medium confidence· volume 80,000 tonnes · 2020~ · NMC cathode strategic supply (announced 2019)
    Belgium's Umicore strategically supplies high-performance NMC cathode active material (~80,000t from 2020).
    Confirms EN Umicore Published Oct 28, 2019: Umicore announces strategic supply agreement with Samsung SDI for NMC cathode materials
    Confirms EN electrive Published Oct 28, 2019: Umicore to supply Samsung SDI with NMC
  • EcoPro Materials Medium confidence
    Beyond the group, EcoPro Materials supplies high-nickel precursors to external customers including Samsung SDI as it diversifies its customer base.
    Mentions EN KED Global Published Sep 26, 2023: EcoPro Materials to quadruple precursor output by 2027
  • SKC Medium confidence
    Samsung SDI is cited as one of the major customers for SK Nexilis (SKC subsidiary) copper foil; the specific share is undisclosed.
    Mentions KO Sisajournal-e Published Jul 25, 2025: Reviving the LG-SK battery alliance? Talks on a KRW 4tn copper foil deal
  • PNT (People & Technology) Medium confidence
    Samsung SDI is one of Korea's three cell makers that adopted PNT's roll-to-roll electrode-process equipment; its expansion capex feeds PNT orders.
    Confirms KO Byline Network Published Jul 15, 2022: PNT, the equipment maker growing with batteries
  • Asahi Kasei Medium confidence
    Sources EV Li-ion battery separators from Asahi Kasei (Hipore, Celgard), one of its largest suppliers alongside Toray, while diversifying away from Japanese reliance.
    Confirms EN The Elec Published Aug 16, 2019: Samsung SDI diversifying battery separator suppliers
    Confirms EN Charged EVs Published Feb 5, 2014: Samsung SDI to use Celgard separator in EV and energy storage system batteries
  • 나노신소재 (CNT 도전재) Medium confidence
    CNT conductive-additive supplier (cathode/anode).
    Mentions KO Finance Scope Published Nov 7, 2024: Advanced Nano Products builds US and Poland CNT plants to supply LG and Samsung SDI
  • LS ELECTRIC Medium confidence
    Samsung SDI sources power equipment for ESS and battery lines from LS Electric; 7.4% of LS Electric's power-infrastructure revenue is to Samsung SDI.
    Confirms KO FSS DART Published Mar 18, 2026: LS Electric Annual Business Report (FY2025)

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
General Motorslead1+40.8-42.4+7.9+49.8+54.2-3.8
Teslalead1+49.8-65+101.7+62.5+11.4-9.3
Samsung SDInode-19+15.8-45.7-40.2+75.7+11.3
LS ELECTRICbenef1-19.2+11.4+37.4+234.2+145+79.6
Asahi Kaseibenef1-1.1-9.3+18.7-2.9+47.1+24.6
Umicorebenef1-27.5+5.9-37.1-51.4+111.6+2.4
Lotte Energy Materialsbenef1+31.5-32.9-49.3-30+75.8-8.4
SKCbenef1+18.1-31.9-19.7+104.3-25.4-19.2
L&Fbenef1+139.2+22.4-30.3-38.6+43.4-20.4
Cosmo Advanced Materials & Technologybenef1+121.4+48.7+128.9-60.4-3.4-22.5
POSCO Future Mbenef1-17.7+97.6+16.3-43.6+56.5-32
Advanced Nano Productsbenef1+56.8+66.4+13.9-30.9+5.5-32.8
Chunbobenef1+40.4-7.3-65-55.6+59.1-37.6
PNT (People & Technology)benef1+62.2+11.6-17.8+12.2+31.1-39.8
EcoPro BMbenef1+79.2+23.9+113.5-38.6+77.1-47.6
Sociedad Química y Minera de Chile S.A.benef2+6.8+71.8-18.3-39.4+89.2+7.6
POSCO Holdingsbenef2+13.9+19.9+43-37.3+38.3-8.8
Albemarlebenef2+59.8-6.6-32.8-39.5+67.7-10.4
Lotte Chemicalbenef2-22.5-3.6-24.4-56.1+50.1-25.4
EcoPro Materialsbenef2···-52.5-4.9-43.6

YTD as of 2026-07-10 · source: Yahoo Finance

A K-battery maker of prismatic/cylindrical EV cells, ESS, small-format cells and electronic materials, where ~95% of revenue is battery and BMW, Audi and Mercedes-Benz anchor a 'premium-concentrated' customer base. FY2025 consolidated revenue fell to KRW 13.27tn with a KRW 1.72tn operating loss — a direct hit from the EV demand lull — but a first Mercedes contract in 2026 (est. KRW 10tn) captured all three German premium makers, and it broadened customers/uses via Hyundai (2026-2032, ~500k vehicles), the GM JV (from 2027) and Tesla ESS (~$2.1B). Its cost axis — cathode (long-term deals: EcoPro BM KRW 43.87tn, POSCO Future M KRW 40tn), separators, electrolyte — is deeply tied to Korean materials makers, so this node's recovery ripples across the whole K-battery materials chain. The watch point is when the prismatic/46-series cylindrical ramp and ESS (LFP) diversification turn losses into profit.

Analysis generated from returns as of 2026-07-10

Analyst ratings

Consensus: Buy 3 · Hold 1 · Sell 0 · Avg. target ₩635,750 · Price ₩434,000 (07-10) · Upside +46%

BrokerRatingTargetPublished
LS SecuritiesHold₩593,000May 12, 2026Report ↗
KB SecuritiesBuy₩850,000Apr 29, 2026Report ↗
Hyundai Motor SecuritiesBuy₩600,000Apr 13, 2026Report ↗
IBK Investment & SecuritiesBuy₩500,000Apr 2, 2026Report ↗

Turnaround expected from Q3 on ESS mix, but shares look expensive; target cut to KRW593,000.

Analyses covering this node

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