Tesla battery supplier LG Chem forecasts record third-quarter profit


The company did not elaborate on the reasons for its upbeat outlook but analysts attributed it to orders from Tesla and the coronavirus pandemic that lifted demand for home appliances – one of the applications for petrochemicals products. LG Chem estimated that its operating profit jumped 159% to 902 billion won ($788.94 million) in the quarter ended September, above the 746 billion won analyst forecast by Refinitiv SmartEstimate. LG Chem, along with China’s CATL, supplies batteries for Tesla’s electric cars made in Shanghai.

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