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 (US$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 US 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 US 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.
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