LG Energy Solution has started producing lithium iron phosphate (LFP) battery cells for energy storage systems (ESSs) at its joint venture plant with General Motors in Tennessee. This move aims to utilize facilities amid a slowdown in the EV market and supply ESS batteries for various U.S. projects.
LG Energy Solution's operating profit dropped 77% in Q2 to 113.3 billion won due to sluggish EV sales in North America and suspended US joint venture operations. Excluding a US tax credit, the company posted an operating loss.
LG Energy Solution's US unit secures a $1.6B deal to supply 1.5GW/6GWh battery cells for DTE Energy's Michigan storage projects, driving shares up 15.25%.
SEOUL, April 30 (Yonhap) -- LG Energy Solution Ltd. said Thursday it swung to a ...
LG Energy Solution reported a net loss of 944 billion won in Q1 2026, reversing from a net profit of 227 billion won a year earlier, as weakening global demand for EV batteries and higher costs from an ESS plant ramp-up in the U.S. weighed on performance. Sales fell 2.5% to 6.55 trillion won. The company is repurposing EV battery production lines at its Ultium Cells plant in Tennessee to produce energy storage systems, aiming to increase ESS and new business share to mid-40% from around 20%.
