{
  "id": 17889484,
  "title": "(LEAD) LG Energy swings to Q3 loss amid EV market slowdown",
  "url": "https://urgent.news/2026/11/03/lead-lg-energy-swings-to-q3-loss-amid-ev-market-slowdown",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-03T01:36:26.000Z",
  "source": {
    "name": "Yonhap News",
    "slug": "yonhap-news",
    "url": "https://en.yna.co.kr/view/AEN20261103003051320"
  },
  "original_language": "en",
  "account": "LG Energy Solution, South Korea's top battery manufacturer, reported a net loss for Q3 2021 due to a slowdown in the electric vehicle market. In the quarter ending September, the company incurred a net loss of 296.9 billion won, a significant drop from the 536.1 billion won profit in the same period last year. Despite this, operating profit increased by 25.7% to 756 billion won, driven by higher shipments of energy storage systems to North America and sales of affordable pouch-type batteries in Europe.\n\nSales for the quarter surged 59% to 9.64 trillion won, up from 6.06 trillion won a year earlier. The company also benefited from 416.9 billion won in tax credits under the U.S. Inflation Reduction Act's Advanced Manufacturing Production Credit (AMPC) program. Excluding AMPC benefits, LGES reported a 339.1 billion won operating profit for the quarter.\n\nFor the full first nine months of 2021, LG Energy Solution reported a net loss of 1.57 trillion won, up from a 853.3 billion won profit in the same period last year. Operating profit fell 54.9% to 661.6 billion won, down from 1.47 trillion won a year ago. Sales for the first nine months rose 26% to 23.75 trillion won, compared to 18.84 trillion won in 2020.",
  "summary": "SEOUL, Nov. 3 (Yonhap) -- LG Energy Solution Ltd. (LGES), South Korea's leading ...",
  "key_points": [
    "LG Energy Solution reported a Q3 2021 net loss of 296.9 billion won",
    "Operating profit increased 25.7% to 756 billion won, driven by higher shipments",
    "Sales surged 59% to 9.64 trillion won, benefiting from U.S. AMPC tax credits"
  ],
  "editors_take": "The shift toward energy storage systems and tax credits helps offset the financial strain caused by a cooling electric vehicle market for the South Korean battery manufacturer.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Free Press Journal",
        "title": "South Korea's LG Energy Solution Reports Q3 Net Loss As Prolonged EV Market Slowdown Hits Battery Demand",
        "url": "https://urgent.news/2026/11/03/south-koreas-lg-energy-solution-reports-q3-net-loss-as-prolonged-ev",
        "published": "2026-11-03T04:49:49.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}