Automakers aren’t the only businesses hurting from a slowdown in demand for EVs. So are the companies like LG Energy Solutions who supply the batteries for those EVs. Now one of those firms is considering taking its battery know-how in a new direction to shore up crumbling profits.
The Polish arm of LG Energy Solutions is the biggest supplier of EV batteries to the European car industry, employing 6,600 people and making up a hefty 40 percent of the firm’s global revenue. But it’s now looking at moving into the static storage production having seen demand for car batteries wither due to high prices and the loss of state subsidies for EVs in various countries. The Wroclaw-based plant predicts that its revenue will fall by a third this year to $6.7 billion, Bloomberg reports.
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