LG Energy Solution's Q2 profit drops 58% due to global EV market slowdown, lower lithium prices, and competition.
LG Energy Solution, a major EV battery maker, reports a 58% drop in Q2 profit, falling from 450.6bn won in 2021 to 195.3bn won ($191m). Reduced profitability is attributed to a global EV market slowdown, lower lithium prices, increased pressure to supply cheaper cells, and competition from Chinese rivals. Despite the temporary slowdown, LG Energy plans to strengthen its competitiveness as a car battery supplier.
July 08, 2024
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