LGES And SK On Lay Off Workers As EV Battery Market Needs A Correction

The lithium-ion EV battery market appears to be on the verge of correction in the U.S., after a few years of rapid growth with multi-billion investments.

There is no doubt about the growth in the EV segment, however, the expansion is not as fast and smooth as initially planned. Because of that, some of the EV battery manufacturers are following carmakers and are scaling back/delaying their investments in new battery factories.

According to the Financial Times, two South Korean battery manufacturers—LG Energy Solution and SK Innovation's SK On—recently slightly reduced their workforce in the U.S.