LG Energy Solution Ltd. (LGES), South Korea’s leading battery manufacturer, announced a sharp increase in its second-quarter operating profit, underpinned by strong demand from the United States despite a broader downturn in global electric vehicle (EV) sales.
In a regulatory filing on Monday, the company estimated an operating profit of 492.2 billion won (approximately US$361.2 million) for the quarter ending June, more than doubling the 195.3 billion won recorded in the same period last year.
A spokesperson for LGES attributed the improved performance to a rise in battery shipments to key clients in the U.S. market, including Hyundai Motor, Kia, and General Motors.
Despite the notable increase in profit, revenue declined 9.7 percent year-on-year to 5.56 trillion won, down from 6.16 trillion won, reflecting the impact of a general slowdown in EV sales globally.
The company is expected to release its final earnings report for the second quarter later this month.
-Yonhap
