South Korea's LG Chem signs $19 billion cathode supply deal with General Motors
Reuters
Published Feb 07, 2024 01:44AM ET
Updated Feb 07, 2024 01:55AM ET
SEOUL (Reuters) -South Korea's LG Chem on Wednesday said it has signed a deal worth 24.7 trillion won ($18.61 billion) to supply electric vehicle (EV) battery cathodes to General Motors (NYSE:GM) from this year to 2035.
The South Korean petrochemicals giant plans to supply more than 500,000 tonnes of materials to make cathodes, enough to power about 5 million EVs, LG Chem said in a statement.
LG Chem is currently building a battery cathode plant in the U.S. state of Tennessee, which is slated to start mass production in 2026.
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Written By: Reuters
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