© Reuters. FILE PHOTO: An worker walks previous the brand of LG Vitality Resolution at its workplace constructing in Seoul, South Korea, November 23, 2021. REUTERS/Kim Hong-Ji
By Heekyong Yang and Byungwook Kim
SEOUL (Reuters) – South Korea’s LG Vitality Resolution Ltd on Wednesday reported a smaller-than-expected 24% drop in quarterly revenue as robust gross sales of its cylindrical batteries to Tesla (NASDAQ:) Inc offset a success to manufacturing on account of chip shortages.
Working revenue declined to 259 billion received ($205.01 million) for the January-March interval from 341 billion received a yr earlier, stated the South Korean battery big, which additionally counts as clients Common Motors Co (NYSE:) and Volkswagen AG (OTC:).
A mean of 16 analyst estimates was revenue of 141 billion received, based on Refinitiv SmartEstimate.
Income rose 2.1% to 4.3 trillion received.
The corporate, which additionally provides batteries to electric-vehicle maker Lucid, stated final month it plans to speculate 1.7 trillion received to construct a battery manufacturing unit in Arizona by 2024 to fulfill demand from distinguished startups and different North American clients.
Shares of LGES, carved out of LG Chem Ltd in a market debut in January, have been buying and selling down 4.4% versus, the benchmark ‘s 1.9% fall as of 0013 GMT.
($1 = 1,263.3300 received)
