Demand for electric vehicles has soared, and LG New Energy expects revenue of more than 25 trillion won in 2022, an increase of 43 percent over the same period last year.

January 9 news, according to foreign media reports, with the huge increase in demand for electric vehicles, the demand for batteries is also increasing, which has boosted the performance of battery manufacturers.

As an important electric vehicle battery manufacturer in the world, LG New Energy, which is developed from LG chemical battery business, has a significant increase in revenue and operating profit.

According to foreign media reports, LG New Energy said on Monday local time that it expects revenue for 2022 to reach 25.59 trillion won, an increase of 43.4% over the same period last year. Operating profit is expected to be 1.21 trillion won, or about US $968 million, a year-on-year increase of 57.9%, higher than the year-on-year increase in revenue.

According to foreign media reports, LG New Energy is expected to have a greater increase in revenue and operating profit in the fourth quarter of last year.

LG New Energy expects revenue of 8.53 trillion won in the fourth quarter of last year, up 92.3% from a year earlier, and operating profit is expected to be 237.4 billion won, up 213.6% from a year earlier.

However, foreign media also mentioned in the report that the year-on-year increase in revenue and operating profit in the fourth quarter and the whole year of 2022 is only the forecast of LG new energy, and the final performance will not be announced until after the release of the financial report.