LG Energy Solution said on the 17th that it was notified by Ford in the United States of the termination of an electric-vehicle battery supply contract totaling 9.603 trillion won. The terminated amount is equivalent to 28.5% of recent sales.
The contract was signed on Oct. 15, 2024. At the time, LG Energy Solution signed two contracts with Ford to supply a total of 109 GWh of auto batteries for Europe. Of these, the contract terminated this time was for EV batteries that were to be supplied in a volume of 75 GWh from Jan. 1, 2027, to Dec. 31, 2032. However, the 34 GWh contract for supplies from 2026 to 2030 remains in place.
LG Energy Solution said, "With the customer's shift in electrification strategy leading to the discontinuation of development for a specific vehicle model, a portion of the supply contract was terminated," and noted, "We plan to continue our mid- to long-term cooperative relationship with the customer."