LG Energy Solution Faces Profit Drop Amid Slowing EV Demand

The South Korean battery maker reports a 39% decline in Q3 profit, citing reduced electric vehicle demand and increased competition.

• LG Energy Solution's Q3 operating profit fell to 448 billion won, down from 731 billion won a year earlier.
• The company's revenue decreased by 16% to 6.9 trillion won during the same period.
• Despite the profit slump, LGES's results surpassed the 374 billion won average forecast by analysts.
• The firm plans to significantly reduce capital expenditure in 2025, reflecting a conservative revenue outlook.
• LGES attributes part of its financial performance to a tax credit from the U.S. Inflation Reduction Act, without which it would have faced an operating loss.

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