LG Energy Solution Ltd. (373220.KS) reported that its third quarter net income declined to 536.100 billion Korean won from 561.300 billion won in the prior year.
But operating income for the third quarter was 601.300 billion won up from 448.300 billion won in the previous year.
Quarterly sales decreased to 5.700 trillion won from 6.878 trillion won in the prior year.
Looking ahead, LG Energy Solution anticipates a short-term slowdown in the U.S. EV demand following the expiration of EV subsidy and accordingly expects the sales of alternatives such as HEVs and EREVs to rise as automakers adjust their pace of electrification. The company predicts relatively stable growth in the European EV market, supported by the introduction of EV purchase subsidies and maintenance of CO2 emissions regulation.
At the same time, the company expects strong growth in the U.S. ESS market, driven by the resolution of regulatory uncertainties and strong power demand from AI data centers. ESS demand in Europe is also expected to rise, as the share of renewable energy increases and countries intensify efforts to reduce reliance on the Chinese supply chain.
During its earnings conference, LG Energy Solution outlined its plans for navigating the market shifts. For its EV batteries, the company will continue to invest in diversifying form factors and chemistries to deliver products optimized for the specific needs of each market segment.
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