Battery firm LG Energy Solution warns of slower growth after strong Q3
© Reuters. FILE PHOTO: An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. Picture taken November 23, 2021. REUTERS/Kim Hong-JiSEOUL -South Korean battery firm LG Energy Solution warned on Wednesday of slowing revenue growth in 2024 due to global economic uncertainties affecting the outlook for electric vehicle sales, sending its shares down more than 6%.
GM, its joint venture partner in an Ohio battery plant and two more under construction in the U.S., said on Tuesday that it was slowing the launch of several EV models to cut costs and pulling back on EV product spending to put profits ahead of sales targets. LGES added that it planned to produce energy-dense 46-series cylindrical battery cells at its Arizona plant, aiming to start production in late 2025.
LGES reported an operating profit of 731 billion won for the July-September period, up from 522 billion won a year earlier and in line with its earlier estimate of 731 billion won.
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