Shares of LG Energy Solution dropped to a year-low on Wednesday after the South Korean battery producer echoed Tesla chief Elon Musk and warned electric vehicle sales were expected to slow as a result of higher interest rates.
The downbeat outlook comes as automakers including Tesla, General Motors and Ford slow their EV factory expansions in expectation of weaker demand for cars owing to higher rates increasing financing costs and slowing economic growth in China and Europe.
“EV demand next year could be lower than expectations,” LGES chief financial officer Lee Chang-sil told analysts in a conference call.
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