LG Energy Breaks Two-Quarter Losing Streak on US Tax Credits
LG Energy Solution Ltd. has reported an operating profit of 113.3 billion won ($76.6 million) in the second quarter, ending a two-quarter losing streak.
The company attributed its improved financial performance to tax credits booked under the US Inflation Reduction Act (IRA), which provided expected benefits.
LG Energy Solution's energy storage system sales saw a sharp growth from the prior quarter, contributing to the company's profit turnaround.