KRX: 373220 · South Korea
LG Energy Solution is the largest battery maker outside China and the one most exposed to American industrial policy: a large share of its operating line is the US production incentive rather than the cells. Through 2025 and 2026 the company has been rebuilt around grid storage, which grew fast enough to carry revenue while EV demand in the West stalled.
| Period | Revenue (KRW trn) | Source |
|---|---|---|
| Q1 25 | 6.3 | LG Energy Solution Q1 2025 results |
| Q2 25 | 5.6 | LG Energy Solution Q2 2025 results |
| Q3 25 | 5.7 | LG Energy Solution Q3 2025 results |
| Q4 25 | 6.1 | LG Energy Solution 2025 annual results |
| Q1 26 | 6.6 | LG Energy Solution Q1 2026 results |
| Q2 26 | 7.6 | LG Energy Solution Q2 2026 results |
An LFP pack cost $81 per kWh in 2025. The nickel equivalent cost $128. That $47 gap explains most of what has happened to electric car prices, and to the league table of who builds the cells.
12 Sept 2026 · Deep dive · 6 min
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