LG Energy Solution Reports 411 Billion Won Loss Amid Slowing EV Demand, First Quarterly Loss in Three Years

LG Energy Solution has reported its first quarterly loss in three years, signaling a downturn in electric vehicle (EV) demand. For the fourth quarter of 2024, the South Korean battery manufacturer recorded a net loss of 411 billion won ($287.2 million), compared to a net profit of 190.3 billion won in the same quarter of the previous year. The company also faced an operating loss of 225.5 billion won during this period. In response to the declining demand, LG Energy Solution is cutting back on capital expenditures. Additionally, the firm has indicated that potential tariffs from the Trump administration may further impact EV demand, and it anticipates that earnings may continue to decline in the first quarter of 2025 as sales stagnate.