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
Technology
Surfaces of the Motorola Edge 50 Ultra with Snapdragon 8S Gen 3
Early this week, renders of the Edge 50 Fusion appeared, and Motorola has previously stated that the Edge 50 Pro will ship on April 3. The highest-end smartphone in the Edge 50 series, the Edge 50 Ultra, has now been shown in renders.
The phone is depicted in the renderings in peach fuzz and black with a vegan leather finish, while sisal, a beige color, will have a brushed surface. As opposed to the Snapdragon 7 Gen 3 in the Pro variant and the Snapdragon 6 Gen 1 in the Edge 50 Fusion, the phone is reportedly powered by the Snapdragon 8s Gen 3 SoC.
A 50MP primary camera, an ultra-wide camera, and a periscope telephoto camera with a 5x optical zoom are all included in the Motorola Edge 50 Ultra’s feature set. Additionally, there is a triple LED flash on the right side and a laser autofocus feature above the periscope lens.
Although the phone’s display, battery, and charging specifications are yet unknown, the Edge 50 Pro is said to include 12GB of RAM and support both 50W and 125W wired and wireless charging.
It is anticipated that this will launch as the Motorola X50 Ultra in China. It is unclear if the India launch may be expected on the same day as the rest of the Edge 50 series phones, even if this is scheduled to go official on April 3.
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