LG Energy Solution Sees 34% Profit Surge Amid US EV Sales Frenzy

LG Energy Solution reports a 34% profit surge due to increased US electric vehicle sales before the expiration of a $7,500 federal tax credit, highlighting a booming EV market.

In its third-quarter report, LG Energy Solution estimated an operating profit of 601 billion won, marking a 34% increase driven by heightened US electric vehicle purchases.
The surge in sales was largely attributed to consumers rushing to buy electric vehicles ahead of the $7,500 federal tax credit expiration on September 30.
LG Energy Solution supplies electric battery technology to major automotive companies, including Tesla, Inc. and General Motors, enhancing its position in the rapidly growing EV market.

Why It Matters

This profit surge underscores the significant impact of government incentives on electric vehicle sales, reflecting a pivotal moment in the transition to sustainable transportation and the growing importance of electric battery suppliers like LG Energy Solution.