EV battery firm LG Energy Solution Q2 profit jumps
LGES, which supplies Tesla, General Motors and Volkswagen among other automakers, reported an operating profit of 492 billion won ($358.73 million) for the April-June period, versus a 195 billion won profit a year earlier.
That compared with a 298 billion won average forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate.
LGES would have made a 1.4 billion won operating profit excluding a tax credit it received under the U.S. Inflation Reduction Act, LGES said in a regulatory filing.
LGES Shares were down 1.9 per cent after the earnings announcement.
Its customers such as GM and Tesla are bracing for further fallout from U.S. tariffs and an additional slowdown in demand for electric vehicles.
The United States passed legislation to end federal subsidies for EV purchases on September 30.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
22 minutes ago
- Business Times
Waymo to launch autonomous ride-hailing in Dallas next year
ALPHABET'S Waymo said on Monday it will roll out its autonomous ride-hailing service in Dallas in 2026, accelerating its US expansion as electric vehicle maker Tesla pushes to grow its recently launched robotaxi business. After years of cautious growth, Waymo has recently increased its pace, launching in new cities through partnerships with ride-hailing platforms and fleet operators. In Dallas, Waymo will operate through a new multi-year partnership with car rental company Avis Budget Group, which will manage fleet operations, including maintenance and depot infrastructure, Waymo said in a blog. Waymo currently serves more than 250,000 paid trips every week with about 1,500 vehicles in cities such as Phoenix, San Francisco, Los Angeles and Austin. This year, Waymo began its service in Austin exclusively on the Uber platform, months before Tesla started a limited robotaxi trial in the city with about a dozen Model Y SUVs and a human safety monitor in the front passenger seat. Tesla CEO Elon Musk has said the company will rapidly expand its robotaxi services to other US cities and is seeking regulatory approval from California, Nevada, Florida and Arizona. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Commercialising autonomous vehicles has been challenging, with several companies such as GM's Cruise shutting down after collisions, recalls, and federal investigations. Amazon-backed Zoox is among the few still operating, preparing to launch commercial services later this year. Until Tesla's Austin trial, Waymo was the only company to operate paid driverless taxis in the United States. Rides will be available through the Waymo app. The company is also planning launches in Miami and Washington, D.C., in 2026 as part of its broader national rollout. The collaboration is part of Avis' broader strategy to evolve from a traditional rental car company into a mobility services provider. REUTERS
CNA
22 minutes ago
- CNA
Samsung Electronics shares fall 1% after rallying on Tesla deal
Seoul :Shares in Samsung Electronics fell 1 per cent on Tuesday after the South Korean technology company staged a powerful rally in the previous session on news of a $16.5 billion deal to supply chips to Tesla. The deal could bolster the technology company's unprofitable contract business, but Samsung faces challenges in securing additional large customers, analysts said. Tesla CEO Elon Musk said late on Sunday that Samsung's new chip factory in Taylor, Texas, would make the auto company's next-generation AI6 chip, without elaborating on the timing of the production.
CNA
2 hours ago
- CNA
Waymo to launch autonomous ride-hailing in Dallas next year
Alphabet's Waymo said on Monday it will roll out its autonomous ride-hailing service in Dallas in 2026, accelerating its U.S. expansion as electric vehicle maker Tesla pushes to grow its recently launched robotaxi business. After years of cautious growth, Waymo has recently increased its pace, launching in new cities through partnerships with ride-hailing platforms and fleet operators. In Dallas, Waymo will operate through a new multi-year partnership with car rental company Avis Budget Group, which will manage fleet operations, including maintenance and depot infrastructure, Waymo said in a blog. Waymo currently serves more than 250,000 paid trips every week with about 1,500 vehicles in cities such as Phoenix, San Francisco, Los Angeles, and Austin. This year, Waymo began its service in Austin exclusively on the Uber platform, months before Tesla started a limited robotaxi trial in the city with about a dozen Model Y SUVs and a human safety monitor in the front passenger seat. Tesla CEO Elon Musk has said the company will rapidly expand its robotaxi services to other U.S. cities and is seeking regulatory approval from California, Nevada, Florida, and Arizona. Commercializing autonomous vehicles has been challenging, with several companies such as GM's Cruise shutting down after collisions, recalls, and federal investigations. Amazon-backed Zoox is among the few still operating, preparing to launch commercial services later this year. Until Tesla's Austin trial, Waymo was the only company to operate paid driverless taxis in the United States. Rides will be available through the Waymo app. The company is also planning launches in Miami and Washington, D.C., in 2026 as part of its broader national rollout.
