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Battery maker LG Energy Solution's second-quarter profit dropped 58% year-on-year to 195.3 billion won ($141m), the company said on Monday (8 July), as demand for electric vehicles (EVs) slows:
The South Korean-based battery company also saw its revenue drop 30% to 6.2 trillion won ($4.4bn).
The company also faces increased competition from its Chinese rivals, which has weakened its share of the market.
Car manufacturers have been calling for battery companies to create cheaper cells to lower EV prices, which has applied pressure to companies like LG Energy.
This led to LG Energy's chief technology officer, Kim Je-Young, stating that the company would commercialise dry-coating technology by 2028, a technology which makes battery manufacturing cheaper and more efficient.
Battery maker SK On declares 'emergency' as EV sales disappoint. Supplier to Ford and Volkswagen may have to be rescued by its South Korean parent as losses mount:
A leading South Korean producer of electric vehicle batteries has declared itself in crisis as its customers struggle with disappointing EV sales in Europe and the US.
SK On, the world's fourth-largest EV battery maker behind Chinese giants CATL and BYD and South Korean rival LG Energy Solution, has recorded losses for 10 consecutive quarters since being spun off by its parent company in 2021. Its net debt has increased more than fivefold, from Won2.9tn ($2.1bn) to Won15.6tn over the same period, as western EV sales have fallen far short of its expectations.
With losses snowballing, chief executive Lee Seok-hee announced a series of cost-cutting and working practice measures last Monday, describing them as a state of "emergency management".
[...] SK On has made a series of aggressive investments in the US and Europe in recent years, betting on a widely predicted boom in demand for EVs. However, it has since announced extended lay-offs for workers at its plant in the US state of Georgia and delayed launching a second plant in Kentucky, a joint venture with its principal US customer Ford.
Previously:
- LG Energy Solution to Spend $3 Billion to Expand EV Battery Production in South Korea
- Honda and LG are Investing $3.5 Billion in New Ohio Battery Factory
- Ford Motor Company is Planning a Big EV Future
(Score: 3, Informative) by fliptop on Saturday August 10 2024, @10:09PM (1 child)
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(Score: 4, Insightful) by drussell on Sunday August 11 2024, @12:12AM
The inability to charge at low temperatures is also a show-stopper for Li-ion in some applications.