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

CTOnews.com January 27 news, battery manufacturer LG New Energy today announced its latest earnings report. According to reports, as the company increased production to solve the problem of large order backlog of electric vehicles, it eventually led to a direct tripling of profits in the fourth quarter.

LG New Energy's consolidated revenue for 2022 was 25.6 trillion won and operating profit was 1.2 trillion won, up 43.4% and 57.9% respectively from the previous year, a record high. Consolidated revenue for the fourth quarter was 8.54 trillion won and operating profit was 237.4 billion won, up 92% year-on-year, due to increased sales of electric vehicle batteries to major customers, increased production at the Ultium Cells plant in Ohio, and increased production of energy storage systems (ESS).

LG New Energy expects North America to see the fastest growth in the EV market due to the operation of two Ultium Cells plants in Ohio and Tennessee, with the company's capacity reaching 55GWh.

CTOnews.com understands that the South Korean company is currently supplying Tesla, General Motors and other car companies, reporting operating profit of 237 billion won (about 1.304 billion yuan) between October and December, compared with 76 billion won in the same period last year. By comparison, Refinitiv SmartEstimate analysts on average forecast 256 billion won.

LG New Energy said it expects nearly half of its global battery capacity to be earmarked for the North American market. It is in talks with Tesla and other electric car startups to supply batteries from its proposed Arizona battery plant.

In addition, the company failed to meet analysts 'expectations due to one-time costs such as reserves related to energy storage systems and year-end bonuses. LG Energy said in a regulatory filing that revenue rose 92 percent to 8.5 trillion won in the quarter.

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