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.
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