LG Energy Solution says Ford canceled 9,6 tln-won battery supply deal
SEOUL, Dec. 17 (Yonhap) — LG Energy Solution Ltd. said Wednesday it has been notified of the cancellation of a 9.6 trillion-won (US$6.5 billion) battery supply order from Ford Motor Co. signed last year.
LG Energy Solution said in a regulatory filing,
This matter concerns the counterparty’s decision to discontinue the production of certain electric vehicle (EV) models due to recent policy changes and shifts in EV demand forecasts, and the subsequent notice of contract termination,
Under the contract signed in October 2024, LG Energy Solution was to supply 34 gigawatt-hours (GWh) of batteries to Ford from 2026-30 and an additional 75 GWh from 2027-32 for the U.S. automaker’s commercial vehicles.
The batteries were planned to be produced at LG Energy Solution’s plant in Poland.
The termination comes as Ford has recently revised its business strategy, scaling back all-electric vehicle models while shifting its focus toward hybrid trucks and its energy storage business.
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LG Energy Solution says Ford canceled 9,6 tln-won battery supply deal, source
