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LG Energy Solution Signs Major EV Battery Deal with Mercedes-Benz
South Korea's LG Energy Solution has signed a major agreement to supply electric vehicle (EV) batteries to a Mercedes-Benz affiliate in North America and other regions, as announced on Tuesday. The deal reinforces LG’s growing presence in the EV battery market.
Key Details of the Deal
In a regulatory filing, LG Energy Solution stated it will supply 50.5 gigawatt-hours (GWh) of EV batteries over 10 years from 2028 to 2038. Although the financial details of the contract were not disclosed, the deal positions LG as a strategic supplier to one of the world’s top automakers.
EV Industry Trends
The announcement comes as the automotive industry faces challenges. Major automakers, including General Motors (GM) and Ford, have reported weaker quarterly sales due to rising vehicle affordability concerns. Meanwhile, Tesla posted lower-than-expected quarterly delivery figures earlier this month, underscoring the cautious spending behavior of buyers.
Why It Matters
As electric vehicle adoption accelerates globally, battery suppliers like LG Energy Solution are becoming indispensable partners for automakers moving toward electric mobility. This long-term partnership with Mercedes-Benz strengthens LG’s position in the EV ecosystem.
Securing consistent battery supplies is crucial for automakers aiming to maintain production levels and meet the growing consumer demand for EVs.
