Samsung SDI Co., a major South Korean battery maker, said Tuesday its second-quarter net profit plunged 38 percent from a year earlier due to slowing demand for electric vehicles.Net profit for the three months to June fell to 301.16 billion won (US$218 million) from 485.84 billion won in the same period of last year, the company said in a statement."Lower demand for car batteries amid the EV 'chasm' weighed on the quarterly bottom line," it said.The global EV market has entered a stagnation phase, known as the chasm, which occurs before the widespread adoption of all-electric cars.Samsung SDI expected car battery sales will remain sluggish in the second half, but it will diversify its product lineup to better compete with global rivals in the upcoming EV era.On top of high-end lithium ion batteries, Samsung SDI is developing lithium iron phosphate (LFP) and higher-end solid-state batteries at the same time with an aim for mass production in 2026 and 2027, respectively.An LFP battery is known for its enhanced safety features and low manufacturing costs despite low energy density and relatively short driving range compared with lithium-ion batteries and nickel cobalt manganese batteries adopted by Korean companies.Operating profit also dropped 38 percent to 280.22 billion won in the June quarter from 450.19 billion won a year earlier. Sales were down 24 percent to 4.45 trillion won from 5.84 trillion won over the cited period.Source: Yonhap News Agency