SEOUL (April 7): LG Energy Solution, an electric vehicle (EV) battery supplier for General Motors and Tesla, estimated on Monday a 138% rise in its quarterly operating profit.

However, excluding tax credits under the US Inflation Reduction Act, LG Energy Solution said it saw an operating loss of 83 billion won (US$56.52 million, or RM252.6 million) in the first quarter, as the industry is hit by cooling demand for electric vehicles.

The South Korean company said its operating profit was likely 374.7 billion won for the January-to-March period, compared with a 157.3 billion won profit a year earlier and a 29 billion won average forecast by LSEG SmartEstimate, weighted towards analysts who are more consistently accurate.

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