Battery firm LG Energy Solution Q1 profit plunges on weak EV sales

Reuters04-25

SEOUL, April 25 (Reuters) - South Korean battery firm LG Energy Solution (LGES) posted on Thursday a 75% drop in quarterly profit, hit by weakening demand from electric vehicle $(EV)$ sales.

The company, which supplies Tesla , General Motors

and Volkswagen among other automakers, reported an operating profit of 157 billion won ($114.14 million) for the January-March period, versus a 633 billion won profit a year earlier.

The company would have made a 32 billion won operating loss without a tax credit it received under the U.S. Inflation Reduction Act, LGES said in a regulatory filing.

($1 = 1,375.4800 won)

(Reporting by Heekyong Yang and Joyce Lee; Editing by Jacqueline Wong)

((Heekyong.Yang@thomsonreuters.com;))

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