Image: LG Energy solution
By ESS news
LG Energy Solution posted consolidated revenue of KRW 22.18 trillion ($323 million) and operating profit of KRW 751.9 billion in the third quarter of 2024, including the estimated US Inflation Reduction Act (IRA) tax credit amount of KRW 466 billion WFD.
Although profits are down 39% from last year due to sluggish demand for electric vehicles, the South Korean battery heavyweight reports a significant increase in energy storage revenues, especially in the grid-scale market segment.
“Expanded sales to major European automakers and increased production at our joint venture facilities in North America and Indonesia, as well as substantial growth in ESS revenue from network-scale projects, improved overall revenue compared to the previous quarter,” said Chang Sil Lee, CFO of LG Energy Solution.
According to Lee, the company also saw quarter-over-quarter improvements in operating profit, excluding the impact of the IRA tax credit, “due to improved capacity utilization led by an increase in shipments of both EV and ESS batteries, as well as lower costs per unit. charges in line with the stabilization of metal prices.”
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