LG Energy Solution to supply EV batteries to Mercedes-Benz affiliate in North America

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:MBGAF) 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:GM) and Ford (NYSE:F) reported weaker sales for the latest quarter with buyers continuing to shy away from purchases on affordability concerns, and Tesla (NASDAQ:TSLA) reported a smaller-than-expected rise in quarterly deliveries earlier this month.