US EditionNextStar’s South Korean parent company flags 1st quarter operating loss on weak EV demand
LGES said tax credits would limit the quarterly loss to 208 billion won, while NextStar shifts more production toward energy storage systems.
6 Articles
6 Articles
Windsor battery plant parent LG Energy posts bigger-than-expected loss as EV sales fade
As support for electric vehicles wanes in key markets, LG Energy Solution Ltd. — parent company of Windsor's $6-billion NextStar battery plant — has reported a preliminary first-quarter operating loss.
NextStar’s South Korean parent company flags 1st quarter operating loss on weak EV demand
LGES, which supplies Tesla, General Motors and Hyundai Motor among others, has been grappling with weaker EV battery demand, with one of its major customers, GM, idling a Detroit EV plant until April .
Excluding AMPC's 189.7 billion won, actual operating loss stands at 397.5 billion won... Operating profit margin plummets to -6.2% Combined with falling selling prices due to slowing downstream demand, declining ESS utilization rates, and initial costs at North American plant Expectations for a new car cycle in the second half... All-out effort to diversify portfolio including LFP and cut costs [Digital Daily Reporter Bae Tae-yong] LG Energy …
The South Korean battery manufacturer predicts a quarterly operating loss of EUR 120 million, which would have been almost twice as high in the absence of tax credits received in the United States.
EV Demand Slowdown Deepens Profitability Hit for Korean Battery Makers
A rendering of LG Energy Solution’s lithium ion polymer battery. (Photo provided by LG Energy Solution) LG Energy Solution, Korea’s top battery maker, failed to escape its quagmire of losses in the first quarter of this year. As profitability has sharply deteriorated due to a prolonged slowdown in electric vehicle (EV) demand, known as the ‘chasm’, Samsung SDI and SK On are also ‘facing grim prospects’. LG Energy Solution announced in a prelimin…
LG Energy swings to deeper loss as EV slowdown undercuts earnings
On the Dash: LG Energy’s first-quarter loss widened beyond expectations as EV demand weakened across major global markets. The company is accelerating its shift toward energy storage systems to offset declining EV battery demand. Analysts expect profitability to improve as ESS demand grows and the company capitalizes on its North American presence. LG Energy Solution reported a wider-than-expected operating loss for the first quarter, as slowin…
Coverage Details
Bias Distribution
- 50% of the sources lean Left, 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
