Battery Maker LG Energy’s Profit Sinks on Global EV Slowdown

Battery maker LG Energy Solution Ltd.’s second-quarter profit missed analyst estimates, as sales of electric vehicles continued to slow.

Operating profit for three months ended June 30 dropped 58% from a year earlier to 195.3 billion won ($141 million), the Seoul-based company said Monday. That was lower than estimates of 282 billion won, according to data compiled by Bloomberg. Excluding a tax credit from the US Inflation Reduction Act, LG made a 252.5 billion won operating loss. Revenue dropped 30% to 6.2 trillion won.