Battery firm LG Energy Solution Q2 profit plunges on weak EV demand

SEOUL (Reuters) – South Korean battery firm LG Energy Solution (LGES) on Thursday posted on a 58% drop in quarterly profit, hit by weakening demand for battery-powered electric vehicles (EVs).

The company, which supplies Tesla (NASDAQ:), General Motors (NYSE:), Hyundai Motor (OTC:) and other automakers, reported an operating profit of 195 billion won ($141 million) for the April-June period, in line with an earlier forecast.

The result compares with a 461 billion won profit a year earlier.

($1 = 1,383.9100 won)