LG Energy Solution Q1 profit more than doubles, shares rise

An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) -South Korea's LG Energy Solution said on Wednesday quarterly profit more than doubled, as the battery maker factored in subsidies from the U.S. Inflation Reduction Act and solid sales of electric vehicles in U.S. and European markets.

The company, which supplies Tesla Inc, General Motors Co and others, said revenue going forward could be affected by lower metals prices as it had signed contracts with customers on "cost pass-through" terms to better manage materials costs.