LG Energy Solution Ltd. (LGES), South Korea's leading battery maker, said Tuesday its third-quarter operating profit fell 39 percent from a year earlier amid slowing sales of electric vehicles. Operating profit for the three months ended in September is estimated to have plunged to 448.3 billion won (US$332 million) from 731.2 billion won in the same period of last year, LGES said in a statement. LEGS sees the global EV markets are in a stagnation phase, known as the "chasm," which is occurring before the widespread adoption of EVs. The company said it will expand its non-EV businesses, such as energy storage systems (ESS), while strengthening its competitiveness as a car battery supplier despite the "temporary" slowdown in EV demand. Sales are projected to fall 16 percent to 6.88 trillion won from 8.77 trillion won during the cited period. The final earnings figures will be released Oct. 28, the company said. To help ride out the EV chasm, the company said it will change some of the battery production lines in its global plants for the production of ESS, whose demand is on the rise. In North America, LGES currently operates three battery cell plants -- the first and second plants under a joint venture (JV) with General Motors Co., and one in Holland, Michigan. Plants under JVs with GM, Hyundai Motor Group, Honda Motor Co. and Stellantis N.V. are being constructed in the U.S. states of Michigan, Georgia and Ohio, as well as Ontario, Canada, respectively. In other regions, the company has plants in South Korea, Poland and China, with a plant set to start production in Indonesia in the second half of 2024 Source: Yonhap News Agency
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