LG Energy Solution Reports Record Quarterly Revenue Driven by EV and ESS Demand
What happened
LG Energy Solution reported record quarterly revenue of $7.21 billion, marking a 59 percent increase from the previous year. The sales were driven by strong electric vehicle battery shipments in Europe and rapidly growing demand for energy storage systems in North America.
From koreaherald.com
Why it matters
The company attributed its record sales to steady EV battery growth and a sharp expansion of its North American ESS business. Improved profitability resulted from surging North American ESS shipments lowering fixed costs and increased deliveries of EV pouch cells lifting utilization rates at European plants.
From koreaherald.com
Who's involved
- LG Energy SolutionSouth Korean battery maker reporting record quarterly revenue
- EuropeMarket for mid-nickel batteries and EV adoption
- North AmericaContinent driving ESS expansion and battery demand
- General MotorsAmerican automotive company co-operating on joint venture production
- Hyundai Motor CompanySouth Korean multinational automaker launching a joint venture
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- North AmericaSpeculative
LG Energy Solution's expansion in North America might increase its manufacturing and supply chain investment in the region.
- General MotorsSpeculative
General Motors could benefit from increased operational capacity following the restart of its joint venture with LG Energy Solution.
- Hyundai Motor CompanySpeculative
Hyundai Motor Company could benefit from the launch of its joint venture, supporting battery supply for its operations.
Keep exploring
The entities involved
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LG Energy Solution
South Korean battery maker
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Europe
terrestrial continent located in north-western Eurasia
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North America
continent in the Americas
Related events
- EV growth is leading to increased battery waste volume, prompting EU policies to establish robust battery reuse chains.
- Honda is investing in companies developing silicon EV batteries and mapping out regional supply chains in North America.
- Volkswagen Group is navigating weak demand and EV transition challenges while seeking partnerships in Europe and China.
- LG Energy Solution is strengthening its local battery material supply chain in North America through a lithium concentrate agreement.
- Shell signed a new long-term LNG supply agreement to provide energy services across European markets.