LG Energy to Ramp Up Energy Storage Arm as EV Demand Cools

LG Energy Solution, a leading battery manufacturer, is shifting its focus to the energy storage business in the United States as it aims to mitigate the impact of declining electric vehicle (EV) demand and rising tariffs. The company plans to expand its energy storage operations to diversify its revenue streams and offset the challenges faced by its EV battery division. This strategic move comes amid a global slowdown in consumer demand for electric vehicles, which has put pressure on LG Energy's battery business. By strengthening its energy storage capabilities, LG Energy hopes to capitalize on the growing demand for grid-scale and residential energy storage solutions, which are increasingly being adopted to support the integration of renewable energy sources and improve grid resilience. The article highlights LG Energy's proactive approach to adapting to the changing market conditions and leveraging its technological expertise to explore new growth opportunities in the energy storage sector.