As the demand for electric vehicles continues to increase significantly, the demand for batteries, a key component, has also increased significantly, and the performance of battery manufacturers has also increased significantly.
The latest financial report released by LG New Energy, the battery manufacturer with the largest share in the world, shows that their revenue has increased significantly in the first quarter, and their operating profit has also improved.
The financial report shows that LG New Energy’s revenue in the first quarter of this year was 8.747 trillion won, a quarter-on-quarter increase of 2.5%, a year-on-year increase of 101.4%, and revenue hit a new high.
Judging from the financial report, revenue in the first quarter of this year has increased year-on-year, which means that LG New Energy’s revenue has maintained growth for five consecutive quarters since its IPO.
For the revenue growth in the first quarter, Chang Sil Lee, CFO of LG New Energy, benefited from their timely business strategy decision and actively responded to the increase in demand in North America. After the stable operation of the joint venture factory in Ohio, shipments also increased. Selling prices also improved in the first quarter.
In terms of profit, the financial report shows that LG New Energy’s net profit in the first quarter increased from 226.6 billion won in the same period last year to 562 billion won. From January to March this year, LG New Energy’s operating profit reached 633.2 billion won, a year-on-year increase of 144.6%, and a month-on-month increase of 166.7%; sales more than doubled from 4.34 trillion won to 8.74 trillion won.