Asian Tech Press (Oct 26) -- South Korea's EV battery maker LG Energy Solution (LGES) posted its strong Q3 results, planning further capacity expansion in North America.

LG Energy on Wednesday reported strong third-quarter earnings results while raising its 2022 sales forecast by 14% to 25 trillion won ($17.5 billion), indicating continued strong demand in the electric vehicle market.

For the three months ended September 30, 2022, LG Energy reported an operating profit of 522 billion won, in line with preliminary results announced earlier this month and well above analysts' average estimate of 372 billion won.

LGES expected demand for electric vehicle batteries to remain strong in the future, especially in North America. Accordingly, the company has made the North American market a top priority for future growth and plans to continue to expand its production capacity in North America.

The company reiterated its goal to triple its revenue from North America within five years, and projected the North American electric vehicle market to grow at a compound annual growth rate of 33% by 2030, higher than the 26% and 17% in Europe and China.

As the world's second-largest electric vehicle battery maker, LG Energy Solution, whose customers include General Motors, Ford, Honda Motor Co., Volvo Cars and Stellantis N.V., is the biggest global competitor of Chinese battery makers Contemporary Amperex Technology Co. Ltd. (CATL).