SEOUL—Battery maker LG Energy Solution Ltd (LGES) said on Tuesday it aims to boost sales by about 8 percent in 2022, forecasting a pick-up in demand for electric vehicle (EV) batteries as a global chip shortage eases later this year. The newly listed South Korean firm, which accounts for a fifth of the global EV battery market, swung to profit in the October-December quarter, even as the chip shortage affecting automakers led to weaker than expected demand for batteries. LGES, which became South Korea’s second-largest listed firm last month in the country’s biggest-ever IPO, posted an operating profit of 76 billion won ($63.5 million) for the fourth quarter, it said in its maiden earnings report. That compares with a 150 billion won profit estimate by two analysts polled by Refinitiv and a loss of 479 billion won in the same period a year earlier. Analysts noted that the global chip …
EV Battery Giant LG Energy Solution Sees Demand Rising as Chip Shortage Eases
February 9, 2022
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