(LEAD) LG Energy wins deals to supply EV batteries for Ford

All News 17:12 October 15, 2024

(ATTN: ADDS estimated deal price in 5th para)

SEOUL, Oct. 15 (Yonhap) -- LG Energy Solution Ltd. (LGES), South Korea's leading battery maker, said Tuesday it has signed deals to supply batteries for Ford Motor Co.'s commercial vehicles.

In two separate contracts, LGES will supply 34 GWh batteries to the U.S. carmaker from 2026-30 and 75 Gwh batteries from 2027-32, the company said in a statement.

LGES said it plans to produce the contracted batteries at its plant in Poland starting in 2026.

"The deals with Ford show LG Energy Solution's advanced technology and product quality in the all-electric commercial vehicle battery market," LGES Chief Executive Kim Dong-myung said in the statement.

The deals are estimated to be at least 13 trillion won (US$9.5 billion), given battery cells' market prices last year.

The European commercial EV market is growing rapidly, with half of commercial vehicles in the region projected to be battery-powered ones in 2030, according to global research firm LMC Automotive.

LGES currently operates seven battery cell plants -- one each in South Korea, Poland, China and Indonesia, and three in the United States.