SEOUL (Reuters) -South Korean battery firm LG Energy Solution (LGES) posted on Friday a quarterly loss for the first time in three years, hit by slowing demand for electric vehicles.
The company, which makes batteries for Tesla, General Motors and Hyundai Motor, reported an operating loss of 226 billion won ($158 million) for the October-December period.
The result compares with a profit of 338 billion won for the same period a year earlier.
In a New Year message early this month, LG Energy Solution CEO Kim Dong-myung said he expected the EV market would recover after 2026, while also warning of challenges such as the global expansion of Chinese rivals.
Revenue for the past quarter fell 19% from a year earlier to 6.45 trillion won.
Shares of LGES were trading up 0.14% after the results, versus a 0.6% rise in the benchmark KOSPI.
($1 = 1,430.2000 won)
(Reporting by Hyunjoo Jin and Joyce Lee; Editing by Tom Hogue)
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