The investments in EV battery business start to pay off.
LG Chem and its LG Energy Solution battery division both achieved an outstanding first quarter of 2021, with record sales and operating profits.
It’s great news as the highly profitable EV battery business will encourage to make further investments in additional manufacturing capacity, as well as research on even better batteries.
The overall results for LG Chem:
- revenues: 9,650 billion KRW ($8.66 billion), up 43.4% year-over-year
- operating profits: 1,408 billion KRW ($1.26 billion), up 584% year-over-year
- net income: 1,371 billion KRW ($1.23 billion)
14.2% net margin
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