In a stark reversal of fortune, South Korea’s leading battery manufacturers are bracing for significant fourth-quarter losses as the electric vehicle market faces a prolonged period of stagnating demand.

LG Energy Solution, one of the country’s top battery makers, reported an operating loss of 225.5 billion won in the fourth quarter, a dramatic shift from its 338.2 billion won operating profit in the same period a year earlier. Without the 377.3 billion won in U.S. Advanced Manufacturing Production Credits (AMPC) factored in, the company’s underlying loss reached 602.8 billion won. Sales dropped 19.4% to 6.45 trillion won from 8.01 trillion won.

http://koreabizwire.com/south-korean-battery-giants-face-steep-losses-amid-global-ev-slowdown/303284