SEOUL (Reuters) -South Korea’s LG Energy Solution said on Tuesday it signed a deal to supply electric vehicle batteries to a Mercedes-Benz (OTC:) affiliate in North America and other regions.
The battery maker said in a regulatory filing it would supply 50.5 gigawatt per hour in batteries over 2028-2038, but said it cannot disclose the monetary size of the contract.
The announcement came after major automakers including General Motors (NYSE:) and Ford (NYSE:) reported weaker sales for the latest quarter with buyers continuing to shy away from purchases on affordability concerns, and Tesla (NASDAQ:) reported a smaller-than-expected rise in quarterly deliveries earlier this month.
