Key Points
SEOUL, April 26 (Reuters) - South Korea's LG Energy Solution (373220.KS) on Wednesday posted a 145% jump in quarterly profit, as the battery maker factored in subsidies from the U.S. Inflation Reduction Act and solid sales of electric vehicles (EVs) in U.S. and European markets...
General Motors Co (GM.N) and others, reported an operating profit of 633 billion won ($472.6 million) for the January-March period, versus 259 billion won a year earlier...
Analysts attributed the jump to the solid sales of EVs in the United States, where EV consumers could receive up to $7,500 U.S. EV tax credit under the Inflation Reduction Act, which would help boost sales of EVs...
The U.S. Inflation Reduction Act requires 50% of the value of battery components to be produced or assembled in North America to qualify for a $3,750 credit and 40% of the value of critical minerals sourced from the United States or a free trade partner also for a $3,750 credit...
About 80% of EVs that are eligible for U.S. federal tax credits use batteries from South Korea's three major cell makers - LGES, Samsung SDI Co Ltd (006400.KS) and SK On, according to an analysis from brokerage Korea Investment & Securities...
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