LG Energy Solution cancels $2.7bn deal with Freudenberg Battery Power
LG Energy Solution terminated a KRW3.9tr agreement with Freudenberg Battery Power System amid the US electric vehicle market’s decline and its partner’s strategic withdrawal.
| Countries | Allemagne, Corée du Sud, États-Unis |
|---|---|
| Companies | LG Energy Solution, Ford Motor Company |
| Sector | Stockage énergie |
| Theme | Marchés & Finance |
South Korean group LG Energy Solution has announced the termination of a KRW3.9tr ($2.7bn) contract with Freudenberg Battery Power System (FBPS), a subsidiary of German conglomerate Freudenberg Group. The decision follows FBPS’s withdrawal from its battery operations, according to a regulatory filing submitted on December 27. The initial agreement covered the supply of electric vehicle battery modules to be assembled into packs for the North American market.
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