Battery Maker LG Energy Slashes Spending on EV Demand Risks
LG Energy Confirmed a Surprise $157 Million Operating Loss in Q4
The corporate logo of LG Electronics. (Lee Jin-man/Associated Press)
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Battery maker LG Energy Solution Ltd. said it will make major cuts to spending this year, though it expects a rebound in sales, as major uncertainties hang over the global electric vehicle sector.
The supplier to automakers including General Motors Co., Tesla Inc. and Volkswagen AG will reduce capital expenditure by 20% to 30%, it said in a filing on Jan. 24.
LG Energy confirmed a surprise 225.5 billion won ($157 million) operating loss for the three months ended Dec. 31. The result includes 377.3 billion won of tax credits from the U.S.
Still, LG Energ…
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