LG Energy Solution to Supply EV Batteries Worth 2 Trillion Won to Mercedes-Benz
LG Energy Solution disclosed on Dec. 8 that it signed an electric vehicle (EV) battery supply contract worth 2.06 trillion won (approximately $1.4 billion) with Mercedes-Benz AG. The contract period runs from March 1, 2028 to June 30, 2035. Supply regions are Europe and North America.
The company said that conditions such as contract value and duration may vary depending on future consultations with the customer.
Ola Kallenius, chair and chief executive officer (CEO) of Mercedes-Benz, who visited South Korea, met with the CEOs of LG Group’s key affiliates, including LG Energy Solution, LG Electronics, LG Display and LG Innotek, on Nov. 13 at LG Twin Towers in Yeouido, Seoul. Mercedes-Benz and LG Energy Solution have continued their cooperation in the field of EV batteries.
In September, LG Energy Solution also signed a battery supply contract with Mercedes-Benz totaling 107 GWh. It is 75 GWh to Mercedes-Benz subsidiaries and 32 GWh to Mercedes-Benz AG. The contract with Mercedes-Benz subsidiaries runs from July 30, 2029 to Dec. 31, 2037, while the contract with Mercedes-Benz AG runs from Aug. 1, 2028 to Dec. 31, 2035
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LG Energy Solution to Supply EV Batteries Worth 2 Trillion Won to Mercedes-Benz, source
