LGES expects temporary slowing of 2024 EV battery demand growth
Aims to achieve midsingle percentage revenue growth this year
Risk factors include US election, EV transition plan changes

SEOUL, Jan 26 Reuters South Korean battery maker LG Energy Solution LGES on Friday predicted slowing growth in the global electric vehicle EV market this year, signalling further challenges ahead amid intensifying competition from Chinese rivals.

The supplier of Tesla, General Motors, Volkswagen and other automakers reported operating profit of 338 billion won 252 million for the OctoberDecember period, up from 237 billion won a year earlier.

The profit is in line with a company forecast of 338 billion won, but it exceeds an estimate of 298 billion won compiled by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate.

Fourthquarter profit, however, dropped more than half from the previous quarter due to weak demand for electric vehicles EV in Europe.

A temporary slowdown of global EV battery demand growth is expected due to original equipment manufacturers39; OEMs39;conservative inventory control along with continued metal price decline, LGES said in a statement. OEM here refers to automakers.

Risk factors this year would be the changing pace of EV transition plans by automakers, growing competition in Europe as well as political uncertainties, including the U.S. presidential election, LGES said.

LGES39; forecast for this year39;s market…