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South Korean battery giant LG Energy Solution (LGES) has reported its first quarterly loss in three years, citing slowing electric vehicle (EV) demand. The company posted an operating loss of 226 billion won ($158 million) for Q4 2024, a stark contrast to the 338 billion won profit recorded in the same period last year. Revenue fell 19% year-on-year to 6.45 trillion won.
LGES, which supplies batteries to Tesla, General Motors, and Hyundai Motor, announced plans to slash capital expenditure by up to 30% in 2025 due to shifting environmental policies in key markets. CEO Kim Dong-myung predicted the EV market will recover after 2026 but highlighted challenges from the global expansion of Chinese competitors.
Adding to market uncertainties, U.S. President Donald Trump suggested ending the $7,500 federal EV tax credit, a move that LGES CFO Lee Chang-sil warned could dampen short-term EV demand and slow electrification efforts in the U.S.
Despite these challenges, LGES shares rose 0.14% following the earnings report, outperforming the broader KOSPI index's 0.6% increase.
