LG Energy Solution & Ford sign battery supply deal
LG Energy Solution (LGES) and Ford signed a battery supply deal. Part of the agreement between Ford and the South Korean battery supplier includes moving LGES’ battery production for the Mustang Mach-E from Europe to the United States.
LGES and Ford’s contract is predicted to help the South Korean battery supplier expand its manufacturing capacity in the EU. Meanwhile, the supply deals are expected to help Ford meet tougher battery-sourcing requirements for EVs in Europe, the United Kingdom, and the United States.
Under the agreement, LG Energy Solution is expected to supply 109 GWh of batteries to Ford for its electric commercial vans. The contract will start in 2026 and last between four to six years. Ford commercial vans will be sold in Europe.
In August, Ford CEO Jim Farley traveled across Europe in the company’s all-electric E-Transit Custom. He gathered first-hand feedback and insight from potential E-Transit Custom customers in Europe.
The deal between the two companies requires LGES to produce batteries for the Ford Mustang Mach-E in Michigan instead of Poland by 2025. According to the companies’ press release about the deal, moving production from Poland to LGES’ Michigan facility would enhance business efficiency and capitalize on market conditions, like 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,” Kim said.
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Source: https://www.teslarati.com/lg-energy-solution-ford-battery-supply-deal/
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