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Money News

South Korea battery maker LG Chem's shares jump, boosted by Tesla sales boom

FILE PHOTO: The logo of LG Chem is seen at its office building in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - Shares in electric vehicle battery maker LG Chem 051910.KS leapt as much as 4.1% in early trade on Thursday after the firm and major customer Tesla Inc TSLA.O both posted record quarterly profits.

Tesla on Wednesday reported its fifth consecutive quarterly profit on record revenue of $8.8 billion, boosted by an uptick in vehicle deliveries and sales of environmental regulatory credits to other automakers.

Meanwhile, LG Chem on Wednesday forecast a further rise in its battery sales and profit in the fourth quarter after posting record quarterly earnings thanks to growing demand for electric vehicle batteries.

The wider Seoul market .KS11 was down 0.9% as of 0022 GMT.

Reporting by Joyce Lee and Hyunjoo Jin; Editing by Kenneth Maxwell

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