By Hyunjoo Jin and Joyce Lee
SEOUL (Reuters) -Battery maker LG Energy Solution (LGES) said on Monday its third-quarter operating profit likely rose 34% as U.S. consumers rushed to buy electric vehicles to take advantage of government incentives that expired on September 30.
The South Korean company, which supplies EV batteries to General Motors and Tesla, estimated its operating profit was 601 billion won ($420 million) during the July to September period, up from 448 billion won in profit a year earlier.
The preliminary figure beat a 528 billion won profit forecast compiled by LSEG SmartEstimate that was weighted toward analysts who are more consistently accurate.
Its profit may have been boosted by the surge in U.S. EV sales ahead of the end of a $7,500 federal tax credit in Septembe