According to the latest report, with the increase in demand for electric vehicles, manufacturers are continuously increasing production, which has also increased the demand for batteries, a key component, and thus boosted the performance of battery manufacturers.
The rapid development of electric vehicles has boosted the performance of LG New Energy, the world’s second-largest electric vehicle battery manufacturer. Their revenue and net profit in the third quarter increased significantly year-on-year.
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According to the financial report released by LG New Energy on Wednesday, their revenue in the third quarter was 7.648 trillion won, equivalent to about 5.367 billion US dollars, which was their highest revenue in a quarter, an increase of 89.9% year-on-year and a month-on-month increase of 50.8%.
Revenues increased significantly year-on-year, and LG New Energy’s operating profit in the third quarter also increased significantly. The financial report shows that their operating profit for the quarter was 522 billion won, equivalent to about 366 million US dollars, an increase of 166.8% month-on-month.
Excluding the impact of recall-related provisions and a one-time license fee payment to another industry player in the second quarter of 2021, they also posted record operating profits in the third quarter of this year.
For the third quarter, LG New Energy’s CFO said that they increased shipments of electric vehicle batteries thanks to increased demand from North American and European markets, which boosted their revenue, North American market grid energy storage systems.
