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Wednesday, October 21, 2020

Tesla Battery Supplier LG Chem Forecasts Record Third-quarter Profit

SEOUL: South Korea’s LG Chem Ltd, an electric vehicle (EV) battery supplier for Tesla, said on Monday its third-quarter operating profit likely jumped to a record high, beating analysts’ estimates.

The company did not elaborate on the reasons for its upbeat outlook but analysts attributed it to orders from Tesla and demand for petrochemicals products.

LG Chem estimated that its operating profit jumped 159% to 902 billion won ($788.94 million) in the quarter ended September, above the 746 billion won analyst forecast by Refinitiv SmartEstimate.

Revenue likely rose 9% to 7.5 trillion won from a year earlier, the company said.

The firm is expected to release detailed earnings later this month.

LG Chem, along with China’s CATL, supplies batteries for Tesla’s electric cars made in Shanghai. Tesla posted record quarterly deliveries in the third quarter.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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