LG Energy Solution Ltd. plans to ramp up its energy storage business in the US as it seeks to cushion the impact on its electric vehicle batteries arm from mounting tariffs and a global slowdown in consumer demand for the cars.
The planned termination of US tax credits for EVs after Sept. 30 could further affect demand but the energy storage system business and the US advanced manufacturing credit will likely help keep momentum, Chief Financial Officer Lee Chang Sil said, speaking after the release of second-quarter earnings that beat estimates.
