LG Energy Solution has inked a major electric car (EV) battery deal with Chery Automobile of China. June 16 (Yonhap) SEOUL Leading South Korean battery producer LG Energy Solution Ltd. said Monday it had concluded a deal with Chery Automobile Co. of China to supply cylindrical electric vehicle batteries. The contract strengthens the global market leadership of LGES, along with supporting the flagship EV models of Chery.
Over the following six years as part of this deal, LG Energy Solution will supply Chery Automobile 8 gigawatt-hours of its cutting-edge 46-series cylindrical batteries. The firm claims this amount is enough to run roughly 120,000 electric cars.
Although the financial specifics of the deal remain secret, industry analysts value it at roughly 1 trillion won, or US$730 million. Early next year, with the batteries being added to Chery’s top EV vehicles, the battery supply is slated to start.
Recognized for their remarkable production efficiency, 46-series cylindrical batteries have five times the energy capacity and output of conventional cylindrical cells. According to LG Energy Solution, this partnership emphasizes the superiority of its own nickel-cobalt-manganese (NCM)-based 46-series battery, which outperforms lithium iron phosphate (LFP) batteries in terms of cold-weather performance and charging efficiency, as well as providing greater energy density.
The two companies hope to extend their cooperation to include more EV models within the Chery Group. Kim Dong-Myung, LG Energy Solution’s CEO, said that promoting the worldwide acceptance of our creative 46-series batteries and building a powerful market presence depend on this deal, therefore marking a major milestone.
NCM stands for nickel, cobalt, and manganese; LFP is lithium iron phosphate. Early this year, LG Energy Solution unveiled its improved 46-series cylindrical batteries as well as fresh module and pack designs targeted at maximizing their performance at InterBattery 2025, the biggest battery industry trade event in South Korea.