UPDATED. 2024-07-12 07:53 (금)
LG Energy to reduce spending in 2024 amid low demand for EV batteries
LG Energy to reduce spending in 2024 amid low demand for EV batteries
  • Lee Min-Jo
  • 승인 2024.04.25 18:21
  • 댓글 0
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Q2 profit to improve over Q1
Image: LG Energy Solution
Image: LG Energy Solution

LG Energy Solution is planning to reduce its investment this year due to the unfavorable macroeconomic situation.

The South Korean battery maker said on Thursday that it recorded 6.12 trillion won in revenue and 153.7 billion won in operating profit in the first quarter this year, an increase of 30% and a drop of 75%, respectively, from last year.

A tax credit of 188.9 billion won from the Inflation Reduction Act of the US, without it it would have recorded a 31.6 billion won operating loss.

However, LG Energy Solution said its second-quarter earnings is expected to improve over the first quarter from increased demand for batteries from its customers in the US,

However, despite this, for the entire year, there is little indication that overall demand for batteries used in electric vehicles to increase this year, the company said.

That is why LG Energy Solution will reduce its overall CAPEX this year and prioritize some investment plans over others, the company said. Last year the company spent 10.9 trillion won in CAPEX.

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