LG Energy Solution reported a surprising 152% increase in operating profit to Won492bn ($360mn) in Q2, driven by U.S. tax credits under Biden’s Inflation Reduction Act, despite a 9.7% drop in sales. While some consumer tax credits will be eliminated under Trump, incentives for battery producers like LGES remain until 2032, supporting their market position amid rising EV usage.
Explain It To Me Like I’m 5: LG Energy Solution made a lot more money than expected this summer because they sold more batteries for electric cars, thanks to helpful government money, but they might earn less in the future if some of that money goes away.
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