Tesla battery supplier LG Chem forecasts record third-quarter profit

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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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