LG Chem posts record battery sales driven by increased EV demand
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LG Chem to unveil new products at this week’s InterBattery 2020 expo in South Korea.
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LG Chem has posted record third-quarter earnings and forecast a further rise in battery sales and profit in the fourth quarter – driven by increased demand for electric vehicle batteries
The South Korean battery company, which supplies car manufacturers such as Tesla and Volkswagen, reported battery division sales of KRW 3.14tn (£2.1bn), compared to KRW 22.1tn in the third quarter of last year. Operating profit totalled KRW 168.8bn.
The figures are the battery division’s highest for any quarter period.
LG Chem said the boost was the result of new EV model launches "by major European clients, an increase in sales of cylindrical batteries and an expanded supply of IT products”.
Overall sales were up 8.2% over the previous quarter at KRW 7.50tn – which was an 8.8% increase compared to the same quarter in the previous year.
Third-quarter operating profit for the whole group totalled KRW 902.1bn – a near 58% increase compared to the previous quarter and an increase of more than 158% compared to the year-ago period.
Meanwhile, LG Chem said it would formally unveil new products at this week’s InterBattery 2020 expo in South Korea, including its ‘Long Cell’ – an EV battery "that improves energy density by 16% and driving distance by more than 20%”.
The South Korean battery company, which supplies car manufacturers such as Tesla and Volkswagen, reported battery division sales of KRW 3.14tn (£2.1bn), compared to KRW 22.1tn in the third quarter of last year. Operating profit totalled KRW 168.8bn.
The figures are the battery division’s highest for any quarter period.
LG Chem said the boost was the result of new EV model launches "by major European clients, an increase in sales of cylindrical batteries and an expanded supply of IT products”.
Overall sales were up 8.2% over the previous quarter at KRW 7.50tn – which was an 8.8% increase compared to the same quarter in the previous year.
Third-quarter operating profit for the whole group totalled KRW 902.1bn – a near 58% increase compared to the previous quarter and an increase of more than 158% compared to the year-ago period.
Meanwhile, LG Chem said it would formally unveil new products at this week’s InterBattery 2020 expo in South Korea, including its ‘Long Cell’ – an EV battery "that improves energy density by 16% and driving distance by more than 20%”.
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