South Korean battery giant LG New Energy expects its sales to double in the first quarter compared with the same period last year, and its operating profit to soar by nearly 150% compared with the same period last year.

CTOnews.com, April 7 (Xinhua)-- with the increasing demand for electric vehicles, the performance of powerful battery manufacturers is also improving, and South Korean battery giant LG New Energy's sales and operating profit are expected to increase sharply in the first quarter of this year compared with the same period last year.

LG New Energy said on Friday local time that its sales in the first quarter of this year are expected to reach 8.74 trillion won (CTOnews.com Note: currently about 45.623 billion yuan), a year-on-year increase of 101.4%.

In addition, LG New Energy expects operating profit in the first quarter to rise to 633.2 billion won (currently about 3.305 billion yuan), up 144.6 per cent from a year earlier.

LG New Energy's projected operating profit exceeded analysts' expectations and exceeded many analysts' average expectations by 26.8 per cent.

LG New Energy previously reported that the company had revenue of 25.6 trillion won and operating profit of 1.2 trillion won in 2022. LG New Energy's estimated operating profit of 633.2 billion won in the first quarter is already equivalent to half of the whole of last year, and the full-year operating profit in 2023 is expected to increase sharply compared with the same period last year.

When the results for the fourth quarter and the whole year were released on January 27, LG New Energy set a revenue target of 25%, 30%, and 101.4% year-on-year growth in the first quarter, which also helped them achieve their revenue growth target for the whole year.