LG Energy Solution (LGES) posted a provisional sales decline of 29.9% year-over-year, amounting to 6.3 trillion won (US$4.46 billion). It also reported an operating profit of 157.3 billion won (US$114 million), down 75.2% compared to the previous year.
According to South Korean financial anaylsts, LGES posted an operating loss in the first quarter of 2024 when the advanced manufacturing production credit (AMPC) from the Inflation Reduction Act (IRA) in the United States is excluded. LG Energy Solution’s AMPC totaled 188.9 billion won (US$137 million). The South Korean battery supplier’s operating losses amounted to 31.6 billion won in the first quarter, excluding AMPC.
SNE Research reported that LG Energy Solutions’ global battery market share dropped slightly by 0.2% to 13.7% between January and February. Some analysts have linked LG Energy Solution’s first quarter results with the slowing demand for electric vehicles (EVs). At its recent earnings call, Tesla acknowledged the pressure on EV adoption but remained hopeful that electric vehicles are the future.
“As we all have seen, the EV adoption rate globally is under pressure, and a lot of other order manufacturers are pulling back on EVs and pursuing plug-in hybrids instead. We believe this is not the right strategy, and electric vehicles will ultimately dominate the market,” said Elon Musk during his opening remarks at the Q1 2024 earnings call.
The LGES forecasts that the penetration rate of EVs may decrease from the current level of 50% to the mid-30% by 2030. It aims to accelerate EV uptake by rolling out low-cost iron phosphate batteries and increasing investments in NCM and LFP batteries. It also aims to expand its energy storage system business.
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