On July 7th, Jin10 Data reported that South Korean battery manufacturer LG Energy Solution (LGES) stated on Tuesday that it expects operating profit for the period from April to June to decline by 77% to 113 billion won (approximately 73.91 million USD), due to weak demand for electric vehicles continuing to drag down battery sales. Market forecasts predicted profit to be 249 billion won. According to documents submitted by LGES to regulatory authorities, revenue is expected to increase by 24.8% year-on-year, reaching 7.6 trillion won. LGES stated that the quarterly profit guidance includes tax credits provided for the company's battery production in the U.S. under the U.S. Inflation Reduction Act. Excluding these tax credits, the company would have recorded an operating loss of 128 billion won