Business
Ford Terminates Battery Contract With Korean Giant LG Electronics
Ford has cancelled an electric vehicle (EV) battery supply contract worth about 9.6 trillion won ($6.5 billion) with South Korea’s LG Energy Solution (LGES), the South Korean firm said on Wednesday.
In a regulatory statement, LGES said the termination came after Ford decided to halt production of various electric vehicle models due to policy changes and changes in the demand outlook for electric vehicles, Anadolu Agency reports.
In October 2024, LGES entered into two agreements to supply Ford Motor with batteries for electric vehicles in Europe starting in 2026 and 2027.
On Monday, Ford announced it would write down $19.5 billion and halt production of several electric vehicle models, as the automaker pulls back from battery-powered cars in response to Trump administration policies and reduced demand for electric vehicles.
SK On, the South Korean battery maker, announced this week that it has decided to end its joint venture with Ford for their joint US battery factories. For the construction of joint battery factories in the USA, SK On and Ford have committed 11.4 billion dollars in 2022.
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