POSCO FUTURE M CO., LTD.
POSCO FUTURE M Achieves Record Quarterly Sales
2023.10.24
- Q3 consolidated sales amount to KRW 1.2858 trillion with an operating profit of KRW 37.1 billion.
- Successful commercialization of the world's first single-crystal high-nickel cathode material broadens penetration into premium product markets and lays a foundation for sustainable growth.
- Expansion of product line into mid-grade and mass-market segments, such as LFP and manganese-rich, to enhance orders from global clientele.
POSCO FUTURE M has achieved record-breaking sales driven by the increased selling of premium battery materials.
In the third quarter, POSCO FUTURE M reported consolidated sales of KRW 1.2858 trillion and an operating profit of KRW 37.1 billion.
The record-breaking quarterly sales can be primarily attributed to the steadily growing battery material business. The battery material sector, which included the world's first successfully commercialized single-crystal high-nickel cathode material for high-performance electric vehicles, reported a sales expansion of 13.1% from the previous quarter, recording KRW 953.2 billion. This marks the third consecutive quarter of unprecedented sales growth driven by the battery material business. However, due to a decline in metal prices such as lithium and nickel, the operating profit decreased 41.7% from the previous quarter, amounting to KRW 21.8 billion.
The basic materials business posted sales of KRW 332.6 billion and an operating profit of KRW 15.3 billion.
The cathode material market has recently seen an increasing demand for single-crystal cathode materials, known for their enhanced stability and longer lifespan compared to poly-crystal cathode materials. Following the initiation of mass production of high-nickel single-crystal cathode materials in March, POSCO FUTURE M is actively securing orders equipped with a portfolio tailored to meet diverse needs.
By 2026, POSCO FUTURE M plans to mass-produce standalone application single-crystal cathode materials that maximize the stability and lifespan of electric vehicle batteries. Aligning with the growth of the mid-grade and mass-market electric vehicle sector, the company is also advancing product development, considering the diversified market demand. This includes cost-competitive cathode materials for LFP batteries and high-voltage mid-nickel (Mid-Ni) and manganese-rich (Mn-Rich) materials.
- Successful commercialization of the world's first single-crystal high-nickel cathode material broadens penetration into premium product markets and lays a foundation for sustainable growth.
- Expansion of product line into mid-grade and mass-market segments, such as LFP and manganese-rich, to enhance orders from global clientele.
POSCO FUTURE M has achieved record-breaking sales driven by the increased selling of premium battery materials.
In the third quarter, POSCO FUTURE M reported consolidated sales of KRW 1.2858 trillion and an operating profit of KRW 37.1 billion.
The record-breaking quarterly sales can be primarily attributed to the steadily growing battery material business. The battery material sector, which included the world's first successfully commercialized single-crystal high-nickel cathode material for high-performance electric vehicles, reported a sales expansion of 13.1% from the previous quarter, recording KRW 953.2 billion. This marks the third consecutive quarter of unprecedented sales growth driven by the battery material business. However, due to a decline in metal prices such as lithium and nickel, the operating profit decreased 41.7% from the previous quarter, amounting to KRW 21.8 billion.
The basic materials business posted sales of KRW 332.6 billion and an operating profit of KRW 15.3 billion.
The cathode material market has recently seen an increasing demand for single-crystal cathode materials, known for their enhanced stability and longer lifespan compared to poly-crystal cathode materials. Following the initiation of mass production of high-nickel single-crystal cathode materials in March, POSCO FUTURE M is actively securing orders equipped with a portfolio tailored to meet diverse needs.
By 2026, POSCO FUTURE M plans to mass-produce standalone application single-crystal cathode materials that maximize the stability and lifespan of electric vehicle batteries. Aligning with the growth of the mid-grade and mass-market electric vehicle sector, the company is also advancing product development, considering the diversified market demand. This includes cost-competitive cathode materials for LFP batteries and high-voltage mid-nickel (Mid-Ni) and manganese-rich (Mn-Rich) materials.
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Posco Future M Co. Ltd. published this content on 24 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2023 13:06:51 UTC.
