Battery firm LG Energy Solution Q1 profit plunges on weak EV sales [Reuters]
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Source: Reuters
SEOUL, April 25 (Reuters) - South Korean battery firm LG Energy Solution (LGES) posted on Thursday a 75% drop in quarterly profit, hit by weakening demand from electric vehicle (EV) sales. The company, which supplies Tesla , General Motors and Volkswagen among other automakers, reported an operating profit of 157 billion won ($114.14 million) for the January-March period, versus a 633 billion won profit a year earlier. The company would have made a 32 billion won operating loss without a tax credit it received under the U.S. Inflation Reduction Act, LGES said in a regulatory filing. Revenue for the quarter fell 30% to 6.1 trillion won. The result comes after its major customer reported a decline in quarterly sales and said it would accelerate the roll-out of more affordable EVs. Shares of LGES were trading down 1.8%, versus the benchmark KOSPI's 1.2% fall as of 0024 GMT. ($1 = 1,375.4800 won) The Technology Roundup newsletter brings the latest news and trends straight t
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