LG Energy's battery expansion hits speed bump as EV adoption slows

SEOUL/GUANGZHOU -- LG Energy Solution is hitting a growth plateau as slowing European and American adoption of electric vehicles and Chinese competition together force the South Korean battery maker to rethink its aggressive expansion.

Results released Friday showed revenue down 6% on the year to 8 trillion won ($6 billion) in the October-December quarter. This was the first fall since the April-June quarter of 2022, and -- given that the 2022 drop-off owed to an influx of settlement income from a competitor a year earlier -- possibly its first real decline to date. The company had enjoyed annual revenue growth of 40% to 50% as the global pivot to EVs powered sales of its auto batteries.