LG Energy Solution Q1 profit more than doubles, in line with forecast

SEOUL : South Korea's LG Energy Solution on Wednesday posted a 145 per cent jump in quarterly profit, as the battery maker factored in subsidies from the U.S. Inflation Reduction Act and solid sales of electric vehicles in U.S. and European markets.

That compared with an average analyst forecast of 633 billion won compiled by Refinitiv SmartEstimate. Analysts attributed the jump to the solid sales of EVs in the United States, where EV consumers could receive up to $7,500 U.S. EV tax credit under the Inflation Reduction Act, which would help boost sales of EVs.

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