Overview

• LG Energy Solution’s Q2 operating profit rose 152% year-on-year to 492 billion won, driven by strong demand from North American automakers and energy storage projects.
• Excluding tax credits from the U.S. Inflation Reduction Act, LG Energy Solution still delivered an operating profit of 1.4 billion won in the quarter.
• The company commenced mass production of lithium iron phosphate pouch cells at its Michigan plant and secured a 4 GWh ESS supply agreement with Delta Electronics.
• LG Electronics estimated a 46.6% drop in Q2 operating profit to 639.1 billion won as U.S. steel and appliance tariffs plus higher logistics costs squeezed margins.
• To counter consumer market headwinds, LG Electronics is shifting its focus toward business-to-business segments including EV components, subscription services and HVAC systems.