LG Energy Solution Q3 profit drops on weak EV demand

SEOUL (Reuters) – South Korean battery firm LG Energy Solution (LGES) posted on Monday a 39% drop in quarterly profit, hit by slowing demand for electric vehicles.

The company, which supplies Tesla (NASDAQ:), General Motors (NYSE:) and Hyundai Motor (OTC:), reported an operating profit of 448 billion won ($322.84 million) for the July-September period, in line with an earlier forecast.

The result compares with a 731 billion won profit a year earlier and a 374 billion won average forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate.

($1 = 1,387.6900 won)