LG Energy Solution reported an operating profit drop of nearly 40% for Q3, attributing the decline to sluggish demand for EVs.

The South Korean battery maker expects strong demand momentum in the energy storage space (ESS) and plans to release a new high capacity lithium iron phosphate product with an energy density improved by 20%,

SEOUL (Reuters) -South Korean battery firm LG Energy Solution (LGES) posted on Monday a 39% drop in quarterly profit, but the result was better than analysts had feared thanks to improved demand from some European and North American automakers.

LG Energy Solution announced significant capital expenditure cuts for 2024, citing a sluggish EV market, geopolitical risks, and mounting competition, especially from Chinese battery makers. The South Korean

South Korean battery firm LG Energy Solution (LGES) posted on Monday a 39% drop in quarterly profit, hit by slowing demand for electric vehicles. The company, which supplies Tesla, General Motors and Hyundai Motor,

LG Energy Solution recorded a 38.7 percent drop in operating profit in the third quarter due to the slowdown in EV sales.

LG Energy Solution Sees Profit Decline Despite Stronger Demand South Korean battery manufacturer LG Energy Solution (LGES) reported a 39% decrease in quarterly profits on Monday. Despite this decline,