South Korean battery maker LG Chem enjoys the fruits of Tesla's success

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      Elon Musk isn't the only one getting rich from Tesla.

      Its Seoul-based battery supplier, LG Chem, has posted its own sales records with its energy solutions company, according to its recently released financial statements.

      LG Chem, also known as LG Chemical, is South Korea's largest chemical company.

      "Sales increased by 25% compared to the previous quarter due to growing sales of EVs following global environment-friendly policies especially in Europe and China, and the large-scale ESS project in North America," the company stated.

      In the second quarter, revenues for the entire company, which includes a petrocheical division, climbed by 3.1 percent. The operating profit rose 177.7 percent compared to the previous quarter.

      Like Tesla, LG Chem's stock price has shot upward, enriching its investors.

      LG Chem stock has been on a tear on the Korea Exchange over the past month.