LG Energy Solution's Q4 operating loss narrows on energy storage demand
LG Energy Solution's logo is pictured on a smartphone in front of their web site displayed in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration
SEOUL, Jan 29 : South Korea's LG Energy Solution (LGES) reported on Thursday a narrower operating loss for the fourth quarter, as solid demand for energy storage system batteries helped cushion the impact of slowing electric vehicle sales.
LGES, which supplies Tesla, General Motors and Hyundai Motor among others, posted an operating loss of 122 billion won ($85.50 million) for the October-December period, in line with an earlier guidance.
That compares with a 226 billion won loss a year earlier.
The company would have made a 455 billion won operating loss without a tax credit received under the U.S. Inflation Reduction Act, according to a regulatory filing.
($1 = 1,426.9800 won)
