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| LG Energy Solution employees pose with the company's electric vehicle battery products at the InterBattery 2023 exhibition in southern 'sSeoul COEX convention center, March 15. The company announced its second-quarter earnings guidance saying its operating profit is likely to be at 611.6 billion won, up 212.7 percent year-on-year. Courtesy of LG Energy Solution |
By Baek Byung-yeul
LG Energy Solution continued its strong performance in the second quarter of this year with its operating profit doubled from the same period last year, according to the battery maker, Friday. The company has been enjoying the growth of the global electric vehicle (EV) market and tax credits provided by the U.S. Inflation Reduction Act (IRA) that subsidizes eco-friendly vehicles.
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The sale was the company's largest one in its quarterly performance, slightly surpassing the previous record of the first quarter of this year, which was at 8.7471 trillion won.
"The second-quarter operating profit includes an estimated 110.9 billion won in tax credits from the U.S. IRA," a company spokesman said. "Excluding this, the second-quarter operating profit was 507 billion won and operating margin was 5.7 percent."
In the first quarter, the company received 100.3 billion won in tax credits thanks to the IRA. Given that LG Energy Solution is currently building and operating a total of eight battery plants in North America, the company is expected to grow stably. Once it secures stable production operations in its plants, the amount of tax credits it receives will continue to increase.
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