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BP: Its Whiting refinery held constructive talks today with representatives of the United Steelworkers (USW) Chapter 7-1, and negotiations continue. BP has submitted revised proposals to address union concerns and is awaiting a response. The refinery is currently operating safely and stably.A Reuters/Ipsos poll shows that on the general ballot in Congress, registered U.S. voters favor the Democratic Party over the Republican Party by a margin of 47% to 36%.Amazon (AMZN.O) Enterprise Edition has added three AI-powered purchasing insights features.On October 27th, local time, the Iraqi Prime Ministers spokesperson stated on the evening of the 26th that Iraqi militia groups had agreed to bring all weapons under state control by June 30th of next year. Several militia groups have already disarmed, and their members have been integrated into the Iraqi armed forces. He emphasized that reports of the US instructing the closure of the Sheb border crossing between Iraqs southern Maysan province and Iran "have no factual basis," and that the decision was "due to regulatory and administrative considerations." Iraq rejects any statements that affect its national dignity. On the 24th, the Iraqi militia group "Islamic Resistance" issued a statement accusing the US of continuing to violate Iraqi sovereignty and criticizing US military aircraft for frequent violations of Iraqi airspace recently. The statement mentioned that Iraqs closure of the air route and border crossing with Iran was based on the USs wishes and was carried out according to its instructions. Previously, Iraqi government spokesperson Haider Abdi said on the 21st that Iraq had closed the Sheb border crossing between Iraq and Iran in southern Maysan province for technical reasons.Canadian Prime Minister Carney: Canada’s position on trade negotiations with the United States remains unchanged.

LGES's Q1 Earnings Is Lower Than Predicted, Despite Increased Battery Sales to Tesla

Charlie Brooks

Apr 27, 2022 09:57

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Operating profit fell to 259 billion won ($205.01 million) from 341 billion won a year earlier, according to the South Korean battery manufacturer, which also counts General Motors Co (NYSE:GM) and Volkswagen AG as customers (OTC:VWAGY).


According to Refinitiv SmartEstimate, an average of 16 analyst estimates indicated a profit of 141 billion won.


Revenue increased by 2.1 percent year on year to 4.3 trillion won.


According to LGES, revenue growth has been hampered by "increasing raw material costs, a continuous worldwide semiconductor shortage, and supply chain disruption caused by Russia's military confrontation with Ukraine and frequent COVID lockdowns."


Additionally, it stated that it maintained a consistent operating profit margin due to strong sales of cylindrical battery cells.


The company, which also supplies batteries to electric vehicle manufacturer Lucid, announced this month that it intends to invest 1.7 trillion won in Arizona by 2024 to accommodate demand from prominent startups and other North American customers.


LGES said that it has increased its capital spending budget for this year to 7 trillion won, up more than 10% from the 6.3 trillion won disclosed in February.


LGES stated that it intends to increase yearly production capacity to around 520 gigawatt hours (GWh) of batteries by 2025, which would power approximately 7.3 million electric vehicles. By the end of this year, it intends to obtain an annual capacity of approximately 200 GWh.


LGES shares, which were spun off from LG Chem Ltd in January, were down 3.1 percent at 0023 GMT, compared to the benchmark KOSPI's 1.8 percent decline. According to analysts, institutional investors sold their LGES shares on Wednesday due to the expiration of the lock-up period.


LGES stock has fallen approximately 16% since its initial public offering, as supply chain bottlenecks caused by COVID-led lockdowns in China and fighting in Ukraine have persisted.


Tesla's first-quarter earnings exceeded Wall Street expectations last week, as the company delivered record numbers of vehicles at higher prices, and Chief Executive Elon Musk stated that the company had a fair chance of attaining 60 percent vehicle delivery increase this year.


However, experts believe LGES' second-quarter performance could be impacted by Tesla's planned shutdown of its Shanghai production in accordance with COVID-19 guidelines.


Tesla said it lost around a month of build volume at its Shanghai factory and that manufacturing has resumed at a reduced capacity, affecting second-quarter overall build and delivery volume.

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