LG Energy Solution, the No. 1 battery company in South Korea, announced its third-quarter operating results, down from last year, due to slowing demand for electric vehicles.
LG Ensol tentatively announced this morning (8th) through the Financial Supervisory Service's electronic disclosure system that its operating profit in the third quarter fell 38.7% year-on-year to 448.3 billion won.
Sales were KRW 6.8778 trillion, down 16.4% from a year ago.
However, sales and operating profit increased 11.6% and 129.5%, respectively, compared to the previous two quarters.
Excluding the tax refund effect under the U.S. Inflation Reduction Act, IRA, operating loss in the third quarter was 17.7 billion won.
LG Ensol explained that its performance expanded compared to the previous quarter due to increased supply of electric vehicle batteries in the European and North American markets and increased sales of energy storage devices and ESS centered on North American power grid projects.
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