LG Energy Solution posts record 9.6 trillion won revenue in Q3 with ESS
Key Points
- LG Energy Solution achieved record revenue of 9.6 trillion won in Q3.
- The growth driver was the ESS (energy storage) business, not electric vehicles.
- Order book full until 2028 and 70 GWh facility established in North America.
- 40% increase expected in Q4 shipments.
By the Numbers
LG Energy Solution reported revenue of 9.6 trillion South Korean won (approximately $7 billion) in the third quarter of 2024, breaking a historic record. This increase was driven by strengthening demand for energy storage systems (ESS) rather than electric vehicle batteries.
The company announced that its order book is filled with contracts extending to 2028. A production facility with 70 GWh capacity also entered service in North America, supporting the regional growth strategy.
Shipments are expected to increase by 40 percent for the fourth quarter. Management believes its strong position in the ESS market will continue to drive revenue growth in future quarters.
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Frequently Asked Questions
- Which business segment did LG Energy Solution's record revenue come from?
- The revenue increase stemmed primarily from energy storage system (ESS) demand, not electric vehicle batteries.
- How much was the company's Q3 revenue?
- 9.6 trillion South Korean won (approximately 7 billion US dollars).
- What are the expectations for future quarters?
- A 40% increase in Q4 shipments is forecast, order book full until 2028.
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