LG Energy Solution reports 75% plunge in Q1 profit on slowing EV sales

LG Energy Solution's domestic plant in Ochang, North Chungcheong Province, is seen in this undated file photo file photo provided by LG Energy Solution. Yonhap

LG Energy Solution (LGES), Korea's leading battery maker, said Friday its estimated operating profit plunged 75 percent in the first quarter from a year earlier due to slowing EV sales.

Operating profit for the three months ended in March fell to 157.3 billion won ($116 million) from 633.2 billion won during the same period of last year, the company said in a regulatory filing.

Sales fell 30 percent to 6.13 trillion won in the first quarter from 8.75 trillion won a year ago, it said.

LGES is scheduled to release its finalized earnings figures for the March quarter later this month. (Yonhap)