[Concall] LG Energy Solution: "US Electric Vehicle Growth Rate Revised Down from Mid-30% to Low-20%"

On the 25th, LG Energy Solution stated during its Q2 earnings conference call that "it does not seem that the global electric vehicle demand growth direction has clearly changed," but added, "the pace adjustment of electrification by major OEMs due to prolonged high interest rate trends and weakened consumer sentiment is stronger than expected."

They continued, "As political events such as the US presidential election approach, external volatility is increasing, making it highly likely that the growth of the electric vehicle market this year will fall short of the expectations set at the beginning of the year," and "the global electric vehicle market growth rate, initially expected to grow by the mid-20% range compared to last year, is now anticipated to fall below the low 20% range."

Furthermore, they said, "Especially in the North American market, where changes in OEM electrification strategies are most significant, this year's electric vehicle growth rate is expected to drop from the mid-30% range to the low 20% range, representing the largest change," and "the European market is also expected to see growth rates decline from the low 20% range to the mid-10% range, which is likely to impact global battery sales."

LG Energy Solution Headquarters, Yeoui-daero, Yeongdeungpo-gu, Seoul. Photo by Jinhyung Kang aymsdream@

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