Profits plummet at battery-maker LG Energy amid EV slowdown

Earlier this week, Tesla reported quarterly shipments that were much lower than analysts’ estimates

LG Energy supplies batteries to some of the biggest car markers in the world including General Motors and Volkswagen. 

Profits at battery-maker LG Energy Solution slumped as slower growth for electric vehicles hurt shipments and profitability.

The supplier to General Motors, Volkswagen AG, and Tesla among other automakers, reported 157.3bn Korean won (€107m) in operating profit for the first three months of the year, missing analysts’ estimates.