[Market Focus] LG Energy Solution Surges Over 6% on 2 Trillion Won EV Battery Supply Deal with Mercedes-Benz

On December 8, LG Energy Solution surged more than 6% in early trading following news that the company had signed an electric vehicle battery supply contract worth 2 trillion won with Mercedes-Benz.

As of 10:21 a.m. on this day, LG Energy Solution shares were trading at 453,000 won on the Korea Exchange, up 6.34% from the previous trading day. The stock opened at 435,500 won and continued to climb.

The announcement by LG Energy Solution on this day appears to have influenced the stock price. The company disclosed that it had signed an electric vehicle battery supply contract worth 2.06 trillion won with Mercedes-Benz AG. The size of the contract amounts to 8% of LG Energy Solution's sales last year. The contract period runs from March 1, 2028, to June 30, 2035, and the company plans to sell and supply electric vehicle batteries in North America and Europe.