LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Thursday it shifted to a net loss in the second quarter due to slowing sales of electric vehicles (EVs).

In the three months ended in June, LGES swung to a net loss of 23.7 billion won (US$17 million) from a net profit of 465.1 billion won in the same period of last year, the company said in a statement.

Operating profit plunged 58 percent to 195.3 billion won in the second quarter from 460.6 billion won a year earlier. Sales fell 30 percent to 6.16 trillion won from 8.77 trillion won during the cited period.

Reflecting lower EV battery demand, the company expected its overall sales will fall by more than 20 percent this year compared with 33.75 trillion won earned last year.

Source: Yonhap News Agency