LG Energy Solution expects the slowdown in the electric vehicle battery market that started last year to continue up to the first half of the year.
In response, the South Korean battery maker will adjust its investment timeline in North America, company CFO Lee Chang Sil said during the company’s shareholders’ meeting in Seoul on Monday.
The current market situation has been unprecedented since LG Energy Solution started its battery business, Lee noted.
Last year there was also a slowdown in demand for EVs and lithium prices also dropped, the executive said.
But LG Energy Solution focused on expanding its sales in South Korea and continued to focus on the North American market, and it was continuing to expand its production capacity overall, the CFO said.
This year, LG Energy Solution will focus on its fundamentals despite external factors, Lee said.
The company will start expanding the production of 4680 cylindrical batteries and also add new products such as lithium iron phosphate and high-voltage mid-nickel batteries, he said.
