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LG New Energy Q3 revenue exceeds US$5.3 billion, soaring nearly 90% year-on-year to a new high
October 26, according to foreign media reports, with the increase in demand for electric vehicles, manufacturers are increasing production, which has boosted demand for batteries, a key component, which in turn has boosted the performance of battery m…
October 26, according to foreign media reports, with the increase in demand for electric vehicles, manufacturers are increasing production, which has boosted demand for batteries, a key component, which in turn has boosted the performance of battery manufacturers.
The rapid development of electric vehicles has boosted the performance of LG New Energy, currently the world's second-largest electric vehicle battery maker, with their third-quarter revenue and net profit increasing sharply year-on-year and year-over-year.
LG New Energy's earnings report on Wednesday showed that they posted revenue of 7.648 trillion won, or about US$5.367 billion, in the third quarter, their highest quarter ever, up 89.9 per cent year-on-year and 50.8 per cent sequentially.
Revenue increased significantly year-on-year and year-on-year, and LG New Energy's operating profit for the third quarter, also increased significantly. They reported an operating profit of KRW 522 billion, or approximately US$366 million, up 166.8% year-on-year. They also reported a record operating profit for the third quarter of the year, excluding the impact of the second quarter of 2021, which had a recall-related provision and a one-off licence fee to another industry player.
For the third quarter, LG New Energy's CFO said their revenue was boosted by increased shipments of electric vehicle batteries, thanks to increased demand in North America and Europe, and increased demand for batteries for grid storage systems and newly launched IT equipment in North America, which also contributed to their strong third quarter results.
Time:2024-09-14
Time:2024-09-14
Time:2024-09-14
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Time:2024-09-14
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