SEOUL - South Korean battery firm LG Energy Solution (LGES) posted on Thursday a 75% drop in quarterly profit, hit by weakening demand from electric vehicle (EV) sales.

The company, which supplies Tesla, General Motors and Volkswagen among other automakers, reported an operating profit of 157 billion won ($114.14 million) for the January-March period, versus a 633 billion won profit a year earlier.

The company would have made a 32 billion won operating loss without a tax credit it received under the U.S. Inflation Reduction Act, LGES said in a regulatory filing.

  - Reuters