November 2, 2024: South Korea’s LG Energy Solution, the world’s third-largest EV battery manufacturer, announced on October 15 it had signed supply agreements with Ford Motor Company to power the electrified models of Ford commercial vans in Europe.

Under the contracts, LG Energy Solution is forecasted to supply a total of 109 GWh of batteries to Ford for its electric commercial vans, starting in 2026 with contract duration ranging from four to six years. The batteries will be manufactured in LGES’s plant in Poland.

The two companies also agreed that batteries for the current Ford Mustang Mach-E will be produced at LG Energy Solution’s Michigan facility in 2025, instead of Poland, to enhance business efficiency and capitalize on competitive market conditions, such as the IRA tax credits.

The deal with Ford follows a signing with a Mercedes-Benz affiliate in North America. LGES, whose customers include Tesla General Motors and Hyundai Motor said in a regulatory filing it would supply 50.5GWh in batteries — enough for about 630,000 EVs — from 2028 to 2038, but said it could not disclose the monetary size of the contract, citing a non-disclosure agreement with the customer.