On December 17, LG Energy Solution announced in a regulatory filing that its battery supply contract with U.S. automaker Ford, which was 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 sales.
An LG Energy Solution representative explained, "Due to recent changes in policy environment and electric vehicle (EV) demand outlook, production of some Ford EV models has been suspended. This is the reason for the notice of contract termination."
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