LG Energy Solution (KRX:373220) plans to revise investments and lower costs as it navigates a prolonged downturn in electric vehicle sales, Yonhap News reported Thursday.
CEO Kim Dong-myung predicts EV demand will rebound after 2026 once market concerns ease.
The company plans to diversify into energy storage systems (ESS) and advance next-generation battery technologies such as all-solid-state and dry electrode processes, the report said.
LG Energy also plans to convert some global production lines to focus on ESS, which is experiencing growing demand.
The company reported a 48% decline in net profit to 749.62 billion won in the first nine months of 2024, according to the report.
Shares of LG Energy Solution rose nearly 3% at market close on Friday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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