The Korea Times
Despite posting a first-quarter operating loss, LG Energy Solution said Thursday it aims to achieve an earnings rebound by expanding its electric vehicle (EV) and energy storage system (ESS) businesses from the second quarter onward. In a regulatory filing, the company said it posted an operating loss of 207.8 billion won ($145 million) for the January-March period, swinging from an operating profit of 374.7 billion won a year earlier and marking a second straight quarterly loss. Revenue fell 2.5 percent year-on-year to 6.555 trillion won, while the company swung to a net loss of 944 billion won. A key factor behind the earnings decline was a sharp drop in advanced manufacturing production credits under the U.S. Inflation Reduction Act. The subsidy totaled 189.8 billion won in the first quarter, just 41.5 percent of the 457.7 billion won recorded a year earlier. Additional costs tied to ramping up five ESS production bases in North America, along with reduced shipments of EV pouch batteries to strategic customers in the region, also weighed on profitability. Despite the weak results, the
Go to News Site