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South Korea's 3 battery giants supercharge revenue on order backlog

EV-related sales soar, but SK Innovation widens loss on capacity investment

LG Energy Solution realized huge increases in sales and profit thanks to a surge in orders for batteries. (Photo courtesy of LG Energy Solution)

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.

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