Market Chatter: LG Energy Solution to Cut Costs, Expand into ESS Amid EV Market Slowdown

MT Newswires Live01-03

LG Energy Solution (KRX:373220) plans to revise investments and lower costs as it navigates a prolonged downturn in electric vehicle sales, Yonhap News reported Thursday.

CEO Kim Dong-myung predicts EV demand will rebound after 2026 once market concerns ease.

The company plans to diversify into energy storage systems (ESS) and advance next-generation battery technologies such as all-solid-state and dry electrode processes, the report said.

LG Energy also plans to convert some global production lines to focus on ESS, which is experiencing growing demand.

The company reported a 48% decline in net profit to 749.62 billion won in the first nine months of 2024, according to the report.

Shares of LG Energy Solution rose nearly 3% at market close on Friday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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