LG Energy Solution adjusted its growth forecast for the global pure electric vehicle market in the Q2 report based on the information it obtained. The expected growth rate for 2024 is now lower than previously projected, currently at 20% (compared to 36% in 2023). The growth rate in North America has been revised down from 30% to 20%, while the growth rate in Europe has been reduced from 20% to 10%. As a result, the production capacity built by South Korean battery manufacturers is now underutilized.
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