LG Energy Solution Swings to Loss as EV Demand Weakens
LG Energy Solution reported a first quarter operating loss of 208 billion won. Results were pressured by slowing demand from electric vehicle manufacturers.
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LG ENERGY SOLUTION reported a 208 billion won ($140.12 million) operating loss on Thursday morning as electric vehicle demand slowed. The result contrasts with a 375 billion won profit recorded during the same period last year in South Korea. Sustained low utilization rates among North American automakers threaten the battery maker's recovery and reliance on federal tax incentives.
