Gashi Automobile News According to Reuters, on October 8, South Korean battery manufacturer LG New Energy (LGES) announced that it had signed an agreement to supply electric vehicle batteries to Mercedes-Benz subsidiaries in North America and other regions.
, Photo source: LG New Energy,LG New Energy said in a regulatory filing that it will supply 50.
5 gigawatt hours (GWh) of batteries to Mercedes-Benz between 2028 and 2038, but declined to disclose the specific amount agreed on the contract or comment on the specific Mercedes-Benz subsidiaries involved in the contract.
Tesla, General Motors and Hyundai Motor are also customers of LG New Energy.
, After the deal was announced, LG New Energy’s share price rose 5.
7%, while the benchmark Korea Composite Stock Index (KOSPI) fell 0.4%. While announcing the latest cooperation news, LG New Energy also released an performance forecast, predicting that its operating profit in the third quarter of this year (July to September) will fall 40% to 448 billion won (approximately US$332.
27 million).
However, as LG New Energy successfully expanded the supply of electric vehicle batteries and energy storage system batteries to U.S. customers, this operating profit forecast is still higher than analysts ‘expectations.
The latest forecast from LGES SmartEstimate shows that in the third quarter of this year, LG New Energy’s operating profit will reach 438 billion won.
, LG New Energy also said that if tax credits provided by the U.S. Inflation Reduction Act were not taken into account, the company’s operating loss would reach 18 billion won.
The company said it will release its full financial results on October 28.
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