ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Supply Chain

Tesla battery supplier LG Energy, South Korean peers take hit from material costs

Investments in higher capacity also weigh on sector's earnings

South Korean electric battery manufacturers LG Energy Solution and SK Innovation reported depressed earnings for the second quarter.   © Reuters

SEOUL -- Higher material prices have taken some of the spark out of earnings at South Korea's top makers of electric vehicle batteries.

Tesla supplier LG Energy Solution, the second-largest battery supplier in the world, saw operating profit plunge 73% on the year to 196 billion won ($149 million) during the three months ended June. Quarterly revenue dipped 1% to 5.07 trillion won.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more