LG Energy Solution: Chart in Focus: Ultium Tracker – June 2026

Research evidence excerpt

LG Energy Solution: Chart in Focus: Ultium Tracker – June 2026

Update

July 2, 2026 08:20 AM GMT

Morgan Stanley & Co. International plc, Seoul Branch+MLG Energy Solution | Asia Pacific Young Suk Shin

Equity Analyst

Chart in Focus: Ultium Tracker – Young.Shin@morganstanley.comChan Park +82 2 399-4994

Research Associate

Chan.Park1@morganstanley.com +82 2 399-9920

June 2026

Key Takeaways

US BEV sales fell to 73K units in June (-30% YoY, -16% MoM), with penetration

slipping further to 5.3%. LG Energy Solution (373220.KS, 373220 KP)

GM delivered BEV sales of 9,077 units (-41% YoY, -17% MoM), with Bolt (non- S. Korea Autos & Shared Mobility | S. Korea

Stock Rating Equal-weight

Ultium) sales (1,281) overtaking Equinox (1,047) and sales of most models

Industry View In-Line

softened. Price target W420,000

Up/downside to price target (%) 19

Honda's Prologue sales also weakened to 1,683 units, while the contribution from Shr price, close (Jul 2, 2026) W354,000

52-Week Range W527,000-291,500

Acrua ZDX remained subdued, with combined sales of 1,706 units (-59% YoY, - Sh out, dil, curr (mn) 234

10% MoM). Mkt cap, curr (bn) W82,836

EV, curr (bn) W108,793

Overall, Ultium-based BEV sales declined to 9,502 units (-51% YoY, -17% MoM). Avg daily trading value (bn) W160

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Meanwhile, HEV demand in the US remained robust at +43% YoY, suggesting

EPS (W)** (4,583) (789) 7,096 10,158

consumers' continued preference for HEVs over BEVs. Prior EPS (W)** - - - -

EPS (W)§ (2,307) 474 8,650 14,613

Revenue, net (W bn) 23,672 29,906 36,241 37,761

Exhibit 1: LGES: Ultium-based EV sales Tracker

EBITDA (W bn) 5,038 5,482 7,899 8,580

ModelWare net inc (W (1,073) (185) 1,660 2,377

('K units) 2024 2025 2026 ('K units)

40 500 bn)

P/E NM NM 49.9 34.9

35 31.8K 450