LG Energy bags deal to supply EV batteries for Ford
SEOUL SEOUL: South Korea’s leading battery maker LG Energy Solution Ltd (LGES) said on Tuesday it has struck deals to supply batteries for Ford Motor’s commercial vehicles.In two separate contracts, LGES will supply the US carmaker with 34 gigawatt-hours of batteries from 2026-30 and 75 gigawatt-hours from 2027-32, the company said in a statement.
LGES said it plans to start producing the contracted batteries at its plant in Poland from 2026, reports Yonhap news agency.
“The deals signed with Ford reflect 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.
Given last year’s market prices of battery cells, these deals are estimated to be worth at least 13 trillion won ($9.5 billion).
The European commercial EV market is growing rapidly, with half of commercial vehicles in the region projected to be battery-powered by 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. LGES recently signed an agreement with a US company to strengthen the competitiveness of its EV battery management solutions. It signed a memorandum of understanding (MOU) with Analog Devices, Inc. (ADI) to jointly develop a technology that can accurately measure the internal temperature of an EV battery cell. Under the MOU, ADI will supply high-performance battery management integrated circuits (BMICs) for LGES’s EV battery management system for the next two years.
