SEOUL, South Korea, Oct. 15, 2024 /PRNewswire/ -- LG Energy Solution (KRX: 373220) today announced it signed supply agreements with Ford Motor Company ("Ford") to power the electrified models of Ford commercial vans in Europe.
Under the contracts, LG Energy Solution is forecasted to supply a total of 109 GWh of batteries to Ford for its electric commercial vans, starting in 2026 with contract duration ranging from four to six years.
The two companies also agreed that batteries for the current Ford Mustang Mach-E will be produced at LG Energy Solution's Michigan facility in 2025, instead of Poland, to enhance business efficiency and capitalize on competitive market conditions, such as the IRA tax credits.
"These agreements attest to our experience and expertise in powering commercial vehicles with innovative battery technologies designed to handle extreme user environments," said David Kim, CEO of LG Energy Solution. "Capitalizing on our local production capacity, we will secure leadership in the European market and deliver unmatched values to our customers through advanced battery technologies that effectively address diverse needs."
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit https://news.lgensol.com.
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