Trust the source, not just the story
Channel NewsAsia
Channel NewsAsia
AsiaPac · 42 mins ago
LG Energy Solution forecasts 77% operating profit fall in Q2 on weak EV demand
SEOUL, July 7 : South Korean battery maker LG Energy Solution said on Tuesday it expects April-June operating profit to fall 77 per cent to 113 billion won ($73.91 million), as sluggish electric vehicle (EV) demand continued to weigh on battery sales. That compared with an LSEG SmartEstimate forecast of a 249 billion won profit, which is weighted toward analysts who are more consistently accurate.Here are some details:• LGES, which supplies Tesla, General Motors and Hyundai Motor among others, has been grappling with a prolonged slowdown in EV demand. GM, one of its key customers, is reportedly delaying its next-generation full-size electric truck programme indefinitely. • In May, Reuters reported that Ultium Cells, the Ohio battery joint venture between LGES and GM, was delaying the retur
Channel NewsAsia
Do you trust Channel NewsAsia?
Sign in to rate
Discussion 0 comments
Sort:
?

No comments yet — be the first to start the discussion!