* LGES expects temporary slowing of 2024 EV battery demand growth

* Aims to achieve mid-single percentage revenue growth this year

* Risk factors include US election, EV transition plan changes

SEOUL, Jan 26 (Reuters) - South Korean battery maker LG Energy Solution (LGES) on Friday predicted slowing growth in the global electric vehicle (EV) market this year, signalling further challenges ahead amid intensifying competition from Chinese rivals.

The supplier of Tesla, General Motors, Volkswagen and other automakers reported operating profit of 338 billion won ($252 million) for the October-December period, up from 237 billion won a year earlier.

The profit is in line with a company forecast of 338 billion won, but it exceeds an estimate of 298 billion won compiled by LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate.

Fourth-quarter profit, however, dropped more than half from the previous quarter due to weak demand for electric vehicles (EV) in Europe.

"A temporary slowdown of global EV battery demand growth is expected due to original equipment manufacturers' (OEMs')conservative inventory control along with continued metal price decline," LGES said in a statement. OEM here refers to automakers.

Risk factors this year would be the changing pace of EV transition plans by automakers, growing competition in Europe as well as political uncertainties, including the U.S. presidential election, LGES said.

LGES' forecast for this year's market outlook comes after its automaker customer Tesla warned on Wednesday of a sharp slowdown this year in sales growth for its cars.

On Thursday, Hyundai Motor Co also flagged the slowing of EV market sentiment.

"The global EV market would grow by mid-20 percent range this year, affected by several factors, including the North American market growth forecasted to stand at low to mid 30 percent range," LGES said in a statement.

It said it is targeting revenue growth at a mid-single percentage this year, and that this year's capital expenditure would be similar to last year's 10.9 trillion won.

LGES added that the estimated battery production capacity eligible for U.S. Inflation Reduction Act tax credits this year would be around 45-50 gigawatt hour (GWh), more than double the previous year.

Revenue for the quarter fell 6.3% year-on-year to 8 trillion won.

Shares of LGES were trading up 4.9% in the morning trade after the quarterly results, versus a rise of 0.9% in the benchmark KOSPI.

($1=1,339.1500 won) (Reporting by Heekyong Yang and Joyce Lee; Editing by Muralikumar Anantharaman, Clarence Fernandez and Tom Hogue)