LG Energy Solution's second-quarter revenue fell 30% year-on-year

South Korean battery manufacturer LG Energy Solution recently released its second-quarter financial report, showing a sharp drop of 30% year-on-year in revenue to 6.16 trillion won (about 32.34 billion yuan). In addition, operating profit fell 58% year-on-year to 195.3 billion won (about 1.03 billion yuan), lower than industry expectations. Excluding the tax credits provided by the U.S. Inflation Reduction Act, LG Energy Solution actually suffered an operating loss of 252.5 billion won (about 1.33 billion yuan) in the quarter.