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

Thank you, Mr. Air, CTOnews.com netizens, and Daniel Wu for your clue delivery! According to the news on April 26, as the demand for electric vehicles continues to increase significantly, so does the demand for batteries, a key component, so does the performance of battery manufacturers.

LG New Energy, the battery maker with the top global share, reported a sharp increase in revenue and improved operating profits in the first quarter.

According to the financial report, LG New Energy had revenue of 8.747 trillion won in the first quarter of this year, an increase of 2.5% month-on-month and 101.4% year-on-year, with revenue reaching a new high.

Judging from the financial results, the revenue in the first quarter of this year increased compared with the same period last year, which means that the revenue of LG new energy has maintained growth for five consecutive quarters since IPO.

For revenue growth in the first quarter, LG New Energy's CFO Chang Sil Lee benefited from their timely business strategic decisions to actively respond to the increase in North American demand, shipments increased after the stable operation of the Ohio joint venture plant, and the average selling price of batteries also improved in the first quarter.

On the profit side, the financial report shows that LG New Energy's first-quarter net profit increased to 562 billion won from 226.6 billion won in the same period last year. From January to March this year, the operating profit of LG New Energy reached 633.2 billion won, an increase of 144.6% over the same period last year and 166.7% from a month earlier, while sales more than doubled from 4.34 trillion won to 8.74 trillion won.

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