The deal’s value was estimated at $6.7 billion on assumption of a battery price of $100 per kilowatt-hour, industry sources in Seoul said, although LG and Rivian have yet to disclose financial terms.“We have inked a number of major supply deals with the next-generation 46-series cylindrical battery, accelerating the diversification of products and customers,” LG Energy said in a statement.46 MM DIAMETER BATTERIESThe deal is expected to help LG Energy expand its presence in the high-performance battery market, industry sources in Seoul said.
LG Energy Solution Ltd., the world’s third-largest battery maker, is set to supply cells to Rivian Automotive Inc., a US electric vehicle manufacturer in a deal estimated at $6.7 billion, adding to hopes for the South Korean company’s recovery through customer diversification amid the prolonged slowdown in the clean automobile market.
The batteries of 46 millimeters (mm) in diameter and 95 mm in length will be installed in the Rivian R2 sport utility vehicle to debut in 2026, according to the leading South Korean battery producer.
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