Shulou(Shulou.com)11/24 Report--

October 26, according to foreign media reports, with the increase in demand for electric vehicles, manufacturers continue to increase production, which also drives up the demand for batteries, a key component, which in turn boosts 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, with a substantial increase in revenue and net profit in the third quarter compared with the same period last year.

LG New Energy reported on Wednesday that it had revenue of 7.648 trillion won, or about $5.367 billion, in the third quarter, the highest for them, up 89.9% from a year earlier and 50.8% from a month earlier.

Revenue increased significantly compared with the same period last year, and the operating profit of LG New Energy also increased significantly in the third quarter. The results showed that their operating profit for the quarter was 522 billion won, or about $366 million, an increase of 166.8% from the previous quarter. Their operating profit also hit a record high in the second quarter of 2021, excluding the impact of a recall of relevant reserves and an one-time payment of licensing fees to participants in another industry.

For the third quarter, CFO of LG New Energy said it increased shipments of electric vehicle batteries thanks to increased demand in North America and Europe, which boosted their revenue, and increased demand for grid energy storage systems and new IT devices in North America also contributed to their strong third-quarter results.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.