SEOUL, April 30 (Reuters) – South Korea’s LG Energy Solution (LGES) swung to a loss on Thursday as battery demand from electric \u200cvehicle (EV) makers weakened, with automakers especially in North America limiting \u200cEV production.<\/p>\n
LGES, which supplies Tesla, General Motors and Hyundai Motor, posted an operating loss \u200bof 208 billion won ($140 million) for the January-March period, in line with earlier guidance.<\/p>\n
That compares with a 375 billion won profit a year earlier.<\/p>\n
The South Korean battery maker would have made a 398 billion won \u200coperating loss without a tax \u2060credit received under the U.S. Inflation Reduction Act, according to a regulatory filing.<\/p>\n
Here are some details:<\/p>\n
\u2022 Revenue fell \u20602.5% to 6.6 trillion won from a year earlier, LGES said.<\/p>\n
\u2022 LG Energy Solution said in an earnings presentation its order backlog for 46-series \u200bcylindrical \u200bbatteries used in electric vehicles continued \u200bto increase from end-2025 to \u200cend-April.<\/p>\n
\u2022 To offset weakness in EV batteries, LGES is focusing on growing demand for energy storage systems (ESS), driven by rising electricity needs for AI data centres.<\/p>\n
\u2022 In February, LGES said it aims to triple its ESS revenue this year from a year earlier. Nomura estimated the \u200ccompany’s ESS revenue at about 2.8 trillion \u200bwon in 2025.<\/p>\n
\u2022 Cross-town rival Samsung SDI \u200bsaid on Tuesday it \u200bhas seen strong momentum in ESS demand, led by \u200cdata centres, driving a rise in \u200borders from existing \u200band new customers.<\/p>\n
\u2022 On EV demand in Europe, Samsung SDI said major countries are reintroducing and expanding subsidies, while higher oil \u200bprices have boosted \u200cconsumer interest in EVs, lifting demand, particularly in the mass-market \u200bsegment.<\/p>\n
($1 = 1,484.4000 won)<\/p>\n
(Reporting by Heekyong Yang and Joyce Lee; Editing \u200bby Jacqueline Wong and Tom Hogue)<\/p>\n","protected":false},"excerpt":{"rendered":"SEOUL, April 30 (Reuters) – South Korea’s LG Energy Solution (LGES) swung to a loss on Thursday as…\n","protected":false},"author":2,"featured_media":22313,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[3255,842,749,315,747,733,1988,33],"class_list":["post-22312","post","type-post","status-publish","format-standard","has-post-thumbnail","category-lg-energy-solution","tag-demand","tag-electric-vehicle","tag-ev-batteries","tag-lg","tag-lg-energy","tag-lg-energy-solution","tag-operating-loss","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/22312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=22312"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/22312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/22313"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=22312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=22312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=22312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}