"LG Energy Solution (LGES) expects to post a first-quarter operating loss of 208 billion won, approximately $192 million CDN, due to weaker demand from electric vehicle makers. Revenue is likely to fall 2.5% to 6.6 trillion won from a year earlier."
"The quarterly earnings guidance includes tax credits provided under the U.S. Inflation Reduction Act for the company's battery production in the United States. Excluding these credits, LGES would have posted an operating loss of 398 billion won."
"Analysts noted that a U.S. House bill, the CHARGE Act, could create opportunities for South Korean battery makers by banning imports of certain Chinese-made energy storage systems, citing concerns over remote monitoring capabilities."
LG Energy Solution anticipates a first-quarter operating loss of 208 billion won, attributed to declining demand from electric vehicle manufacturers. Revenue is projected to decrease by 2.5% to 6.6 trillion won compared to the previous year. The earnings guidance includes tax credits from the U.S. Inflation Reduction Act, but without these credits, the loss would be 398 billion won. Analysts suggest that new U.S. legislation could benefit South Korean battery manufacturers by restricting certain imports from China.
Read at www.cbc.ca
Unable to calculate read time
Collection
[
|
...
]