LG Energy Solution shares were down in early trading on the 29th. It is seen as a reaction to news on the 26th that a large battery contract was canceled.
As of 9:24 a.m. that day, LG Energy Solution stock was trading on the main bourse at 380,500 won, down 0.78% (3,000 won) from the previous session. Right after the open, it fell 4.30% to as low as 367,000 won.
This is seen as an effect of news about the cancellation of a large battery contract. After the close on the 26th, LG Energy Solution disclosed that, due to the U.S. battery pack maker FBPS (FreudenbergBatteryPowerSystem) exiting the battery business, it would terminate by mutual agreement the electric vehicle battery module supply contract signed in April last year. The termination amount is 392.17 billion won at the exchange rate on the disclosure date.
News of LG Energy Solution's battery supply contract cancellations continues. On the 17th, LG Energy Solution also disclosed that it would cancel a 9.6 trillion won electric vehicle battery cell and module supply contract with U.S. automaker Ford.