LG Energy Solution Terminates EV Battery Supply Contract With Freudenberg

(RTTNews) - LG Energy Solution announced the termination of a single sales contract with Freudenberg Battery Power Systems, LLC. The terminated agreement was an electric vehicle battery supply contract.

The contract was originally valued at approximately KRW 3.92 trillion and represented a significant portion of the company's business.

The agreement commenced on April 1, 2024 and was scheduled to run until December 31, 2031. However, following Freudenberg Battery Power Systems' withdrawal from the battery business, both parties mutually agreed to terminate the contract.