LG Energy Solution swings to loss amid weak EV demand

(Corrects to say battery maker, not automaker in paragraph 4)

SEOUL, April 30 : South Korea’s LG Energy Solution (LGES) swung to a loss on Thursday as battery demand from electric vehicle (EV) makers weakened, with customers especially in North America continuing to operate at low utilisation rates for EVs.

LGES, which supplies Tesla, General Motors and Hyundai Motor, posted an operating loss of 208 billion won ($140.12 million) for the January-March period, in line with earlier guidance.

That compares with a 375 billion won profit a year earlier.

The South Korean battery maker would have made a 398 billion won operating loss without a tax credit received under the U.S. Inflation Reduction Act, according to a regulatory filing.

($1 = 1,484.4000 won)