South Korean company’s long-term contract comes amid EV market slowdown
SEOUL — LG Chem has signed a 24.7 trillion won ($18.6 billion) deal to supply electric vehicle battery materials to General Motors over the course of a decade.
The South Korean chemical company announced on Wednesday that it would supply at least 500,000 tonnes of cathode materials, enough to manufacture batteries for 5 million EVs, to the U.S. carmaker through 2035. LG said it would produce the materials in its Tennessee factory, which is under construction, from 2026.
“We will lead the EV market in North America by keeping strategic cooperation with GM, the No. 1 automaker in the U.S.,” LG Chem Vice Chairman Shin Hak-cheol said in a news release.
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