LG Energy profit tumbles 40% on slow battery-power car sales

Car companies are also facing mounting uncertainties as the US heads for its presidential election next month, with Donald Trump threatening to scrap the Biden administration’s EV policies

LG Energy Solution Ltd has been grappling with dwindling orders for batteries as falling customer demand for EVs prompts vehicle makers around the globe to scale back their electric ambitions. File Picture: Lee Jin-man/AP

Sluggish demand for electric vehicles has haunted South Korean battery maker LG Energy Solution Ltd, dragging its profits down by almost 40% from a year earlier.

The firm’s operating profit for the three months ended September 30 was 448.3bn won (€298.9m), according to a company statement on Monday. While that was higher than analyst estimates of 440.3bn won, it was down 39% from a year earlier, according to data compiled by Bloomberg.