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Mercedes-benz and LG announce battery production agreement
Éric Descarries
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Despite the slowdown in electric vehicles and battery production, South Korean giant LG Energy Solution has announced two multi-year automotive battery supply agreements with another industry giant: Mercedes-Benz, the Daimler Corporation division.
The agreements, covering a total of 107 gigawatt-hours of cells, are expected to supply both the U.S. and European markets. According to the Korea Economic Daily, the deal is valued at approximately USD $11 billion.
The contract intended for the European Union would account for 32 gigawatt-hours of batteries, while the U.S. agreement would cover an additional 75 GWh of cells. However, based on the information available, the amounts and timelines of these contracts remain subject to potential changes.
(Photo: LG Energy Solution)
Éric Descarries
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