South Korean battery maker LG Energy Solution (LGES) reported a quarterly loss for the first time in three years, impacted by a slowdown in electric vehicle (EV) demand, reports Reuters.
For the October-December period, the company posted an operating loss of 226 billion won ($158 million), a significant decline from a profit of 338 billion won during the same period last year.
LGES, which supplies batteries to major companies like Tesla, General Motors, and Hyundai Motor, saw its revenue fall 19% year-on-year, reaching 6.45 trillion won.
CEO Kim Dong-myung had previously indicated that he expects the EV market to recover post-2026 but acknowledged ongoing challenges, including the global expansion of Chinese competitors.
Despite the loss, LGES shares rose 0.14%, in contrast to a 0.6% increase in the benchmark KOSPI.
Bd-pratidin English/ Jisan
