US EditionLG Energy Solution cancels 3.9 trillion won battery order with Freudenberg
LG Energy Solution ended its $2.7 billion contract with Freudenberg after the latter exited the battery business, part of 13.5 trillion won lost from recent contract cancellations.
- On Dec 26, LG Energy Solution cancelled a 3.9 trillion won contract with Freudenberg Battery Power Systems, the company said in a Seoul regulatory filing on Friday.
- Freudenberg's decision to pull out of the battery industry prompted LGES to mutually terminate the April deal, which had already seen $110 million implemented.
- Following separate cancellations, LGES faces contract terminations totaling 13.5 trillion won this month, roughly 52.7% of its 25.6 trillion won 2024 sales, according to the company.
- In a regulatory statement, LGES said terminations should have limited financial impact, noting no additional costs were incurred.
- Industry moves like LGES selling Ohio assets to Honda Development and Manufacturing of America for $2.86 billion and Ford's $19.5 billion writedown indicate ongoing industry retrenchment.
10 Articles
10 Articles
LG Energy Solution To Sell Ohio Battery Facility To Honda For $2.85 Billion
South Korea’s LG Energy Solution has agreed to sell the building and fixed-asset components of its Ohio electric vehicle battery plant to Honda Development and Manufacturing of America for ?4.22 trillion ($2.85 billion), according to company disclosures cited by Yahoo Finance. The facility is part of the $4.4 billion battery manufacturing joint venture between LG Energy Solution and Honda Motor that was announced in 2022 and is currently under c…
The South Korean LG Energy Solution has announced the sale of US assets valued at $2.860 million to the Japanese Honda, as part of its efforts to optimize the operations of its joint company of batteries for electric vehicles. The agreement involves the transfer of buildings and infrastructure in Ohio from its joint venture, L-H Battery Company, to the U.S. manufacturing subsidiary of Honda, excluding land and equipment. The measure seeks to imp…
LG Energy Solution says 3.9 trillion won battery deal with US firm canceled
Korean battery maker LG Energy Solution Ltd. said Friday it has agreed with a U.S. company to terminate a supply contract signed in 2024 by mutual consent. In a regulatory filing, LG Energy Solution said it has canceled the supply deal worth 3.9 trillion won ($2.69 billion) signed with U.S.-based battery pack producer Freudenberg Battery Power System (FBPS) LLC. LG Energy Solution said the termination came as FBPS decided to pull out from the ba…
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