On October 22, according to foreign media reports, LG Chemical recently released its third quarter performance report, with sales volume and operating profit reaching a record high.
data displayLG Chemical's total sales volume in the third quarter was 7.5 trillion won, a year-on-year increase of 8.8%, and its operating profit reached 902.1 billion won, a year-on-year increase of 158.7%, both of which set a record in a single quarter.
It is understood that LG Chemical Business Department is divided into Petrochemical Department, automotive battery department, cutting-edge materials department and life science department.
Thanks to the recovery in demand for petroleum products, the operating profit of petrochemicals reached 721.5 billion won, with an operating profit margin of 20.1%.
In terms of battery business, major European vehicle manufacturers launched new electric vehicles and new IT products, which increased the supply of power batteries and small batteries. The operating profit and sales volume reached 168.8 billion won and 3.1439 trillion won respectively.
According to the latest data from SNE research, a market research organization in South Korea, from January to August this year,LG Chemical's global power battery installed capacity is 15.9gwh, ranking first in the industry with a market share of 24.6%; Ningde times ranks second with an installed capacity of 15.5gwh, with a market share of 24%.
LG Chemical said growth in the supply of automotive batteries and cylindrical batteries for electric vehicles is expected to further expand sales and profits in the fourth quarter.
LG Chemical announced last month that it plans to split its battery business from 12 this year to form an independent company tentatively namedBy focusing on the battery business to consolidate its dominant position in the power battery market, Ningde era will face a more difficult opponent.
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