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s.korea battery maker lges sees brighter q2 outlook, lifts capex


Image s.korea battery maker lges sees brighter q2 outlook, lifts capex

growing uncooked substances fees and supply-chain disruption set lges up for a lean first quarter, but with tesla reporting corporation income of its electric powered vehicles, lges no longer best cushioned the blow, but stated it has set itself up for a strong 2nd zone.

chief financial officer lee chang sil, at an profits briefing, stated he expects "double-digit sales increase" in april-june and that lges is operating to minimise the impact of surging uncooked material costs via lengthy-time period deliver deals, investing in mines, and sharing fee burden with automakers.

its battery order backlog stands at approximately three hundred trillion gained, up approximately 15% from its preceding estimate announced earlier this 12 months, the south korean battery maker said.

"lges is probably to hold seeing constant battery sales in the second region as automakers are stocking up for fear uncooked fabric charge hikes ought to further increase battery fees," stated analyst hwang kyu-won at yuanta securities.

for january-march, lges booked operating earnings of 259 billion received ($205.01 million) as opposed to the 141 billion won common of 16 analyst estimates compiled by using refinitiv smartestimate. sales rose 2.1% to 4.three trillion received.

it stated revenue growth turned into restricted by "rising charges of raw materials, ongoing worldwide semiconductor shortage and supply chain disruption as a result of the army war between russia and ukraine and periodic covid lockdowns."

lges attributed constant working profit to solid sales of cylindrical battery cells which it makes mainly for tesla. the corporation additionally produces pouch-type batteries for clients such as general motors co (gm.n) and volkswagen ag (vowg_p.de).

lges additionally said it has raised this year's capital expenditure budget approximately 10% from the determine introduced in february to 7 trillion gained.

last month it announced plans to make investments 1.7 trillion won to construct a manufacturing facility in the u.s. nation of arizona via 2024 to satisfy demand from startups and other north american clients.study greater

it stated it pursuits to reinforce annual manufacturing capability to about 520 gigawatt hours (gwh) well worth of batteries by using 2025, sufficient to energy about 7.three million electric powered motors. it expects capability to reach two hundred gwh by means of 12 months-stop with cylindrical batteries making up approximately 30%.

stocks of lges had been down 0.nine% at around noon versus the benchmark kospi's (.ks11) 1.1% fall.

the inventory is down about sixteen% considering that its january debut, after lges turned into carved out of lg chem ltd (051910.ks), as supply-chain disruption has persevered due to conflict in ukraine and covid-19 containment measures in china in which tesla has a factory.examine more

remaining week, tesla's first-quarter income exceeded marketplace estimates after the u.s. ev maker added a record variety of automobiles at higher charges, announcing it had an inexpensive shot at attaining 60% vehicle shipping increase this year.examine greater

nevertheless, analysts said 2d-region profits at lges could be afflicted by closure at tesla's factory in covid-19-hit shanghai.

tesla stated it has misplaced about a month of construct extent on the plant and that manufacturing has resumed at constrained tiers, in order to impact construct and transport extent within the second area.

($1 = 1,263.3300 won)