LG Energy Solution Reports Significant Q2 Operating Profit Decline Amid Weak EV Demand
LG Energy Solution has reported a projected 77% fall in its second-quarter operating profit, primarily attributed to continued weak demand in the electric vehicle market. This marks a return to profit for the company despite the decline.
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LG Energy Solution returns to profit as ESS demand grows
LG Energy Solution has returned to profit in the second quarter of this year as rising battery energy storage systems shipments, supported by its expanding production capacity in North America, offset a prolonged downturn in the electric vehicle market. According to the company’s preliminary earnings report on Tuesday, revenue rose 24.8 percent year-on-year to 7.56 trillion won ($5 billion), while operating profit declined 77 percent from a year earlier but rebounded to a profit after posting a
By The Korea Herald
Read full article →LG Energy Solution flags 77% fall in Q2 operating profit on continued weak EV demand
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