Technology
EV battery giant LG Energy Solution aims to boost sales by 8% in 2022
Battery maker LG Energy Solutions Ltd (LGES) said on Tuesday that it aims to boost sales by about 8 percent in 2022, as a global shortage of chips could ease later this year on market conditions for electric vehicle (EV) batteries will pick up.
The newly listed South Korean company, which accounts for one-fifth of the global electric vehicle battery market, turned a profit in the October-December quarter, even as a chip shortage affecting automakers led to lower-than-expected battery demand.
LGES, which became South Korea’s second-largest public company last month in the country’s biggest-ever initial public offering, said in its first earnings report that it posted an operating profit of 76 billion won ($63.5 million) in the fourth quarter.
By comparison, two analysts polled by Refinitiv expected a profit of 150 billion won, compared with a loss of 479 billion won a year earlier.
Analysts pointed out that a global shortage of chips has hurt demand from automakers, hurting the company’s performance. LGES rivals SK On and Samsung SDI Co Ltd reported similar impacts on battery demand in the fourth quarter.
The company, which supplies companies including Tesla and General Motors, saw revenue rise 2 percent year-on-year to 4.4 trillion won.
LGES said it had set its capital expenditure budget for this year at 6.3 trillion won, up 58 percent year-on-year, to fund capacity expansion at its global manufacturing facilities to meet demand for its batteries.
“Longer term, LGES will continue to move forward with bold investment plans. We believe our future-ready business model will certainly help us lead the industry,” LGES CEO Youngsoo Kwon said in a statement.
LGES debuted on the market in late January, and its market value soared to about $98 billion, second only to Samsung
Electronics shares are listed on the local bourse, reflecting an optimistic outlook for the electric vehicle battery industry.
Its shares have since risen another 8.5% and gained a further 3.5% on Tuesday, compared with a 1.2% gain in the broader market KOSPI.
Global EV sales are estimated at 2.5 million in 2020 and are expected to grow more than 12-fold to 31.1 million by 2030, accounting for nearly a third of new vehicle sales, according to consultancy Deloitte.
In late January, LGES said it planned to invest a total of $2.6 billion with General Motors to build a third joint battery plant in the United States, with the goal of securing an annual battery capacity of about 50 gigawatt-hours (GWh) by 2025, enough for about 700,000 batteries. electric vehicle. The two companies have established two combined battery plants in Ohio and Tennessee.
Complete News Source : Business Standard
In News
SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad
SpiceJet expands its domestic network with 8 new flights that will connect Jaipur with Varanasi, Amritsar and Ahmedabad and also link Ahmedabad with Pune.
SpiceJet is further expanding its domestic network with the launch of eight new flights starting November 15.
In the statement released on Wednesday, the airline announced that these new routes will connect Jaipur with Varanasi, Amritsar and Ahmedabad, while also linking Ahmedabad with Pune. This expansion follows the recent launch of 32 new flights in October 2024, including two international flights connecting Delhi with Phuket.
Last month, SpiceJet also commenced UDAN flights linking Shivamogga in Karnataka with Chennai and Hyderabad, and introduced double daily flights between Chennai and Kochi, enhancing connectivity across key regional and metropolitan cities.
“We are excited to announce the launch of new flights from Jaipur to Varanasi, Amritsar, and Ahmedabad, as well as from Ahmedabad to Pune, providing our passengers with greater flexibility and convenience,” SpiceJet Chief Business Officer Debojo Maharshi said.
“These new flights reflect our commitment to supporting passenger demand across tier-II cities and beyond. With our expanded winter schedule, including international and UDAN routes, we aim to provide our customers with greater convenience, affordability, and seamless travel experiences,” Maharshi added.
SpiceJet will deploy its 78-seater Q400 aircraft in these sectors. Bookings for the new flights are now open and tickets are available at the website of the airline, SpiceJet’s mobile app and through online travel portals and travel agents.
On Monday, the airline received a significant boost, with Acuite Ratings & Research Limited upgrading its long-term rating by four notches to ‘B ‘ and its short-term rating to A4. The rating agency has also assigned a ‘Stable’ outlook to the airline.
Group Media Publications
Entertainment News Platforms – anyflix.in
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/
-
india1 month ago
‘My support will be with new J&K govt’: L-G Manoj Sinha ahead of Omar Abdullah’s oath-taking ceremony
-
Politics1 month ago
New BJP government to take oath in Haryana on Oct 17, PM Modi to attend
-
Sports1 month ago
Score for the third day of the first test between India and New Zealand: Ravindra-Southee crushes IND, NZ leads by 299 at lunch
-
TV1 month ago
Prince Narula and Yuvika Chaudhary share first pic with newborn daughter from hospital. See post
-
In News2 weeks ago
SpiceJet announces 8 new flights to connect Jaipur with Varanasi, Amritsar and Ahmedabad
-
Business2 weeks ago
OpenAI buys new domain chat.com for over $15 million, it redirects to ChatGPT
-
Entertainment.1 month ago
Massive data breach at Game Freak studios reveals shocking new dark Pokemon movie plot
-
Sports1 month ago
India vs New Zealand LIVE Score 1st Test Day 3: Ravindra-Southee carnage flattens IND, NZ lead by 299 at Lunch