LG Energy Solution Terminates 9.6 Trillion Won EV Battery Supply Contract with Ford

On December 17, LG Energy Solution announced in a regulatory filing that its battery supply contract with American automaker Ford, signed in October last year, has been terminated following a notice of cancellation from the counterparty.

The contract termination amount is approximately 9.603 trillion won, which corresponds to 28.5% of the company’s recent revenue.

An LG Energy Solution representative explained, “Production of some Ford electric vehicle (EV) models has been halted due to recent changes in policy environments and outlooks for EV demand. This notice of contract termination is a result of those changes.”