Published by Global Banking & Finance Review®
Posted on April 7, 2025
1 min readLast updated: January 24, 2026
Add as preferred source on GoogleLG Energy Solution reported a 138% rise in Q1 operating profit, despite an operating loss without U.S. tax credits, amid cooling EV demand.
SEOUL (Reuters) - LG Energy Solution (LGES), an electric vehicle (EV) battery supplier for General Motors and Tesla, estimated on Monday a 138% rise in its quarterly operating profit.
However, excluding tax credits under the U.S. Inflation Reduction Act, LG Energy Solution said it saw an operating loss of 83 billion won ($56.52 million) in the first quarter, as the industry is hit by cooling demand for electric vehicles.
The South Korean company said its operating profit was likely 374.7 billion won for the January-to-March period, compared with a 157.3 billion won profit a year earlier and a 29 billion won average forecast by LSEG SmartEstimate, weighted toward analysts who are more consistently accurate.
($1 = 1,468.6000 won)
(Reporting by Joyce Lee and Hyunjoo Jin; Editing by Tom Hogue and Muralikumar Anantharaman)
The article discusses LG Energy Solution's 138% rise in Q1 operating profit and the impact of U.S. tax credits on their financial results.
LG Energy Solution reported a 138% increase in Q1 operating profit, but faced an operating loss without U.S. tax credits.
The industry is experiencing cooling demand for electric vehicles, impacting financial performance.
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