LG Energy Solution lands $1.4 bil. Mercedes-Benz battery deal

LG Energy Solution has secured a $1.4 billion deal to supply electric vehicle (EV) batteries to Mercedes-Benz. The company disclosed on Monday that it has signed a battery supply deal with the German carmaker, with the contract value equivalent to about 8 percent of LG Energy Solution’s revenue last year. The agreement covers battery supplies for Mercedes-Benz EV models in Europe and North America from March 1, 2028, to June 30, 2035. The company noted in the disclosure that “the contract value and terms may be subject to change based on future discussions with the customer.” This follows a large-scale supply deal the two companies signed in September. Under that agreement, the Korean company committed to providing a total of 107 gigawatt-hours (GWh) of batteries to Mercedes-Benz — 75 GWh to an affiliate from July 30, 2029, to Dec. 31, 2037, and 32 GWh to the group from Aug. 1, 2028, to Dec. 31, 2035. The two sides have maintained a close partnership on EV batteries. Last month, LG Energy Solution CEO Kim Dong-myung and chief executives from LG Group affiliates met with Mercedes-BWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times