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LG Energy to supply EV batteries to Rivian in $6.7 bn deal

Korea Economic Daily LogoKorea Economic Daily5d ago

LG Energy to supply EV batteries to Rivian in $6.7 bn deal - Korea Economic Daily

Quick Summary:

The deal’s value was estimated at $6.7 billion based on an assumed battery price of $100 per kilowatt-hour, industry sources in Seoul said, though 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 footprint 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 car market.

The 46-mm diameter cylindrical battery is being heralded as an industry game-changer as it is known to boost energy density by five times and output by six times compared with the conventional 2170 type featuring a 21-mm diameter and 70-mm length.


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Category: Economy

Markets:

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News Sentiment: Neutral

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Article Type: News Report

Published On: 2024-11-08 @ 12:46:35 (5 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 439 words

Reading Time: 3 minutes read

Sentences: 24 lines

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Copyright Owner: © Korea Economic Daily

News ID: 23546987

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Official Website: kedglobal.com

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News Last Updated: 13 hours ago

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