Operating profit for the three months ended June is forecast to decline to 195.3 billion won ($142 million) from 460.6 billion won in the same period last year, LGES said in a statement.
"Falling lithium and other metal prices weighed on EV battery prices and led to lower demand for automakers that led to a decline in profits," the statement said, reported Yonhap news agency.
Sales during the quoted period are estimated to have fallen 30 percent to 6.16 trillion won from 8.77 trillion won.
The company said that the final earnings figures will be released on July 25.
LEGS sees global EV markets in a stagnation phase, known as the "gap", before widespread adoption of EVs.
The company said it will focus on strengthening its competitiveness as a car battery supplier despite the temporary slowdown in EV demand.
Earlier this month, LGES signed a contract with Renault S.A. to supply lithium iron phosphate (LFP) pouch-type batteries for the French carmaker's EV models for five years until 2030. Signed an agreement with.
"Falling lithium and other metal prices weighed on EV battery prices and led to lower demand for automakers that led to a decline in profits," the statement said, reported Yonhap news agency.
Sales during the quoted period are estimated to have fallen 30 percent to 6.16 trillion won from 8.77 trillion won.
The company said that the final earnings figures will be released on July 25.
LEGS sees global EV markets in a stagnation phase, known as the "gap", before widespread adoption of EVs.
The company said it will focus on strengthening its competitiveness as a car battery supplier despite the temporary slowdown in EV demand.
Earlier this month, LGES signed a contract with Renault S.A. to supply lithium iron phosphate (LFP) pouch-type batteries for the French carmaker's EV models for five years until 2030. Signed an agreement with.
