Korean battery maker LG Energy Solution (LGES) said on Tuesday it expects Q2 operating profit to fall 77% to 113 billion won, citing continued weak electric-vehicle demand dragging battery sales. The company’s figure misses the market forecast of 249 billion won. Revenue is projected to rise 24.8% YoY to 7.6 trillion won, LGES told regulators. Guidance incorporates tax credits under the US Inflation Reduction Act for the company’s US battery output; excluding those credits LGES would have record

Korean battery maker LG Energy Solution (LGES) said on Tuesday it expects Q2 operating profit to fall 77% to 113 billion won, citing continued weak electric-vehicle demand dragging battery sales. The company’s figure misses the market forecast of 249 billion won. Revenue is projected to rise 24.8% YoY to 7.6 trillion won, LGES told regulators. Guidance incorporates tax credits under the US Inflation Reduction Act for the company’s US battery output; excluding those credits LGES would have recorded an operating loss of 128 billion won.