LG Energy Solution boosts storage business as EV demand slows

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LG Energy Solution boosts storage business as EV demand slows

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LG Energy Solution Ltd. plans to expand its energy storage system (ESS) business in the US to address challenges in its electric vehicle (EV) battery segment.

These challenges include rising tariffs and a decline in global demand for EVs.

The end of US EV tax credits after September 30, 2025 may add further pressure to the sector.

However, LG Energy’s Chief Financial Officer, Lee Chang Sil, expressed confidence in the ESS market and the potential benefits of US advanced manufacturing credits.

Recent LG Energy Solution developments

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Recent LG Energy Solution developments

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