LG Energy Solution Q3 Profit Drops on Weak EV demand

Battery maker LG Energy Solution steps up measures to protect intellectual property

SEOUL (Reuters) - South Korean battery firm LG Energy Solution (LGES) posted on Monday a 39% drop in quarterly profit, hit by slowing demand for electric vehicles.

The company, which supplies Tesla, General Motors and Hyundai Motor, reported an operating profit of 448 billion won ($322.84 million) for the July-September period, in line with an earlier forecast.

The result compares with a 731 billion won profit a year earlier and a 374 billion won average forecast by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate.

($1 = 1,387.6900 won)



(Reporting by Heekyong Yang and Ju-min Park; Editing by Jacqueline Wong)