LG Energy Solution suffered its first quarterly loss, but the Chinese market rose against the trend

LG Energy Solution, the world's third-largest power battery manufacturer, released its latest financial report, showing that it lost about 24 billion won (about 120 million yuan) in the second quarter of 2024, the first quarterly loss since the company went public in January 2022. In the same period last year, LG Energy Solution's net profit was 465 billion won (about 2.43 billion yuan). Affected by the US Inflation Reduction Act, its operating loss in the second quarter will reach 253 billion won (about 1.32 billion yuan). At the same time, LG Energy Solution's revenue also fell by 30% to 6.16 trillion won (about 33.2 billion yuan). LG Energy Solution predicts that its revenue this year is expected to fall by more than 20%.