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.