From ESS News
LG Energy Solution has recorded third-quarter 2024 consolidated revenue of KRW 22.18 trillion ($323 million) and an operating profit of KRW 751.9 billion, including the estimated US Inflation Reduction Act (IRA) tax credit amount of KRW 466 billion.
While it has seen a 39% drop in profit from last year amid sluggish demand for electric vehicles, the South Korean battery heavyweight has reported a considerable increase in energy storage revenue, particularly 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 ESS revenue growth from grid-scale projects, improved the overall revenue compared to the previous quarter,” said Chang Sil Lee, CFO of LG Energy Solution.
According to Lee, the company also saw quarter-on-quarter improvements in operating profit, excluding the IRA tax credit’s effect, “on the back of improved utilization rate led by shipment increase in both EV and ESS batteries, as well as reduced unit cost burden in line with metal price stabilization.”
To continue reading, please visit our ESS News website.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.