In particular, LGES will reduce some of its supplies and investments in Tesla and some other manufacturers to prevent negative forecasts from increasing. Thus, LGES lowered its 2024 earnings expectations in October 2023, warning investors that higher interest rates would affect electric vehicle sales. And slowing sales are affecting many automakers, including classics like Ford or Hyundai and electric vehicle makers like Tesla.
LGES reported first-quarter operating income fell 75.2% year-on-year to 157.3 billion won, or $114 million.
Source: Ferra
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