Overview
- Under the six-year agreement, LG Energy Solution will deliver 8 gigawatt-hours of 46-series cylindrical batteries to Chery Automobile, enough to power about 120,000 EVs.
- Industry analysts estimate the contract value at roughly 1 trillion won (US$730 million).
- The NCM-based cells offer higher energy density, faster charge and discharge cycles and improved thermal stability compared with lithium iron phosphate batteries.
- Production is scheduled to ramp up in late 2025, marking a breakthrough for a foreign supplier in a market dominated by domestic manufacturers.
- LG Energy Solution and Chery Automobile plan to expand their collaboration to include additional EV models across the Chery Group.