South Korean battery manufacturer LG Energy Solution (LGES) has signed a contract to supply electric vehicle batteries to an unspecified Mercedes-Benz subsidiary in North America and other regions. Deliveries will take place over a ten-year period from 2028 to 2038. According to a regulatory filing, the volume of batteries to be supplied will be 50.5 gigawatt-hours. Financial details were not disclosed.
LGES exceeds expectations with quarterly results
At the same time, LGES reported a 40-percent drop in operating profit for the third quarter of 2024. However, the results exceeded expectations as the company claims it was able to increase its battery shipments to the US market. According to LGES, tax benefits from the U.S. Inflation Reduction Act helped to avoid an operating loss. Full quarterly results are scheduled for 28 October 2024.
