EV battery giant LG Energy Solution aims to boost sales by 8% in 2022

Battery maker LG Energy Solution Ltd (LGES) said on Tuesday it aims to boost sales by about 8% in 2022, seeing a pick-up in market conditions for electric vehicle (EV) batteries as a global chip shortage likely eases later in the year.

The newly listed South Korean firm, which accounts for a fifth of the global EV battery market, swung to profit in the October-December quarter, even as the chip shortage affecting automakers led to weaker than expected demand for batteries.

LGES, which became South Korea's second-largest listed firm last month in the country's biggest ever IPO, posted an operating profit of