LG Energy Solution wins major EV battery deal from China’s Chery Automobile

SEOUL, June 16 (Yonhap) -- LG Energy Solution Ltd., South Korea's leading battery manufacturer, said Monday it has secured a deal with China's Chery Automobile Co. to supply cylindrical electric vehicle (EV) batteries. Under the deal, LG Energy Solution will supply a combined 8 gigawatt-hours of its next-generation 46-series cylindrical batteries to Chery Automobile over the next six years. The volume is enough to power approximately 120,000 EVs, according to the company. The value of the contract was not disclosed but industry observers estimate it to stand at around 1 trillion won (US$730 million). The supply is scheduled to begin early next year, with the batteries to be installed in Chery's flagship EV models. The 46-series cylindrical batteries offer over five times the energy capacity and output of conventional cylindrical cells, and are known for their high production efficiency. LG Energy Solution said the deal has proven the excellence of its proprietary nickel-cobalt-manganese (NCM)-based 46-series battery, which outperforms lithium iron phosphate (LFP) batteries in cold temperatures and charging efficiency while also delivering superior energy density. The two companies plan to expand their partnership to include additional EV models across the Chery Group. "This deal marks a pivotal step in scaling up global adoption of our new 46-series batteries and securing a dominant market leadership," Kim Dong-myung, chief executive officer (CEO) of LG Energy Solution, said. This photo provided by LG Energy Solution Ltd. shows the company's next-generation 46-series cylindrical batteries. (PHOTO NOT FOR SALE) (Yonhap) odissy@yna.co.kr(END)

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SEOUL, June 16 (Yonhap) — LG Energy Solution Ltd., South Korea’s leading battery manufacturer, said Monday it has secured a deal with China’s Chery Automobile Co. to supply cylindrical electric vehicle (EV) batteries.

Under the deal, LG Energy Solution will supply a combined 8 gigawatt-hours of its next-generation 46-series cylindrical batteries to Chery Automobile over the next six years. The volume is enough to power approximately 120,000 EVs, according to the company.

The value of the contract was not disclosed but industry observers estimate it to stand at around 1 trillion won (US$730 million).

The supply is scheduled to begin early next year, with the batteries to be installed in Chery’s flagship EV models.

The 46-series cylindrical batteries offer over five times the energy capacity and output of conventional cylindrical cells, and are known for their high production efficiency.

LG Energy Solution said the deal has proven the excellence of its proprietary nickel-cobalt-manganese (NCM)-based 46-series battery, which outperforms lithium iron phosphate (LFP) batteries in cold temperatures and charging efficiency while also delivering superior energy density.

The two companies plan to expand their partnership to include additional EV models across the Chery Group.

“This deal marks a pivotal step in scaling up global adoption of our new 46-series batteries and securing a dominant market leadership,” Kim Dong-myung, chief executive officer (CEO) of LG Energy Solution, said.