Asia Tech Wire (July 25) -- South Korean battery maker LG Energy Solution (LGES) expects this year's revenue to fall more than 20% year-on-year.

LGES said Thursday that its revenue this year will fall more than 20% from last year, after previously projecting an increase of about 5% due to a sharper-than-expected slowdown in global demand for electric vehicles.

In 2023, LGES posted revenue of 33.7 trillion won, up 31.8% from a year earlier.

The Korean battery maker said it will adjust the pace of expansion for new projects or scale back investment in some of them, while maximizing the use of existing capacity.

LGES predicted that the growth rate of the global electric vehicle market will slow to slightly more than 20% this year from 36% last year.

Shares of LGES had fallen 2.6% earlier Thursday in Seoul, hitting a new low since its IPO in January 2022. However, the stock closed the day up more than 3% at 332,500 won per share.

The company also reported a loss of about 24 billion won for the second quarter of 2024, its first quarterly loss since going public.