Hyperdrive
LG Energy Slashes Sales Target After Earnings Miss Estimates
- Slowing global demand for EVs has affected battery sales
- LG Energy shares fall to lowest since January 2022 IPO
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LG Energy Solution Ltd. slashed its annual sales target and second-quarter earnings missed analyst estimates, as the South Korean battery maker grapples with slowing demand for electric vehicles.
Sales will decline at least 20% this year compared to last year, the Seoul-based company said Thursday, reversing a previous forecast of about 5% growth. The company’s shares fell as much as 2.6% in early trading to the lowest since LG Energy listed in January 2022.