SEOUL -- South Korea's three major battery makers greatly expanded their revenues last year on a heavy backlog of orders, the latest earnings reports show, though upfront investments and higher costs pushed SK Innovation's battery unit deeper into the red.
LG Energy Solution, the world's second-leading supplier of batteries for electric vehicles, reported a 43% increase in sales to 25.5 trillion won ($20.3 billion) for last year. Operating profit jumped 58% to 1.2 trillion won for a second straight year in the black.
