New Delhi, April 25 -- LG Energy Solution (LGES), a major electric vehicle battery maker, has announced plans to reduce capital expenditure this year in response to a slowdown in global demand for electric vehicles.
The decision comes after LGES reported a 75 per cent decline in operating profit for the first quarter of 2023, totalling just 157 billion won (USD 114 million). Revenue for the quarter reached 6.1 trillion won.
We plan to adjust our investment priorities in consideration of mid-to-long-term demand and essential expansion in the United States, said LGES Chief Financial Officer Lee Chang-sil during an earnings call, reported TOI.
Previously, LGES had stated that its 2023 capital expenditure would match the 10.9 trillion wo...