South Korean battery firm LG Energy Solution (LGES) said on Friday it plans to cut capital expenditure by up to 30% this year on slowing electrical vehicle demand growth, after posting a quarterly loss for the first time in three years.

Battery maker LG Energy Solution Ltd. said it will make major cuts to spending this year, though it expects a rebound in sales, as major uncertainties hang over the global electric vehicle sector.

South Korean battery firm LG Energy Solution (LGES) said it expected electric vehicle demand growth to slow in the near-term, as it posted on Friday a quarterly loss for the first time in three years.

South Korean battery giant LG Energy Solution (LGES) has reported its first quarterly loss in three years, citing slowing electric vehicle (EV) demand. The company posted an operating loss of 226 billion won ($158