Battery Majors Suffer Profit Drop on Lower-Than-Expected EV Sales

LG Energy, one of the biggest players in the EV battery space, reported a 58% drop in operating profits for the second quarter of the year, attributing the figure to the slowdown in EV sales. The news came a day after another South Korean battery major, SK On, declared an emergency after 10 consecutive quarters of losses stemming from trends in EV demand that have missed analyst and company expectations. LG Energy and SK On are, respectively, the world’s third- and fourth-largest EV battery manufacturers. Reporting on the LG Energy results,…