SEOUL : LG Energy Solution (LGES), an electric vehicle (EV) battery supplier for General Motors and Tesla, estimated on Monday a 138 per cent rise in its quarterly operating profit.
However, excluding tax credits under the U.S. Inflation Reduction Act, LG Energy Solution said it saw an operating loss of 83 billion won ($56.52 million) in the first quarter, as the industry is hit by cooling demand for electric vehicles.
The South Korean company said its operating profit was likely 374.7 billion won for the January-to-March period, compared with a 157.3 billion won profit a year earlier and a 29 billion won average forecast by LSEG SmartEstimate, weighted toward analysts who are more consistently accurate.
($1 = 1,468.6000 won)
