LG Energy Solution Secures Major EV Battery Supply Deal with Rivian

Nov 08, 2024

South Korea's leading battery manufacturer, LG Energy Solution (LGES), has announced a significant agreement to supply electric vehicle batteries to the American automaker Rivian. Under this contract, LGES will provide Rivian with advanced 4695 cylindrical batteries, amounting to a total of 67 gigawatt-hours over a period exceeding five years. While the precise financial terms remain undisclosed, the production of these batteries is set to occur at LGES's plant in Arizona, and they will be used in Rivian's R2 electric SUV.

Prior to this deal with Rivian, LG Energy Solution has secured similar battery supply contracts with global automotive giants such as Mercedes-Benz and Ford (F, Financial). The 4695 cylindrical batteries are praised for their larger capacity, enhanced energy efficiency, and improved safety features, making them increasingly popular amid rising demand for cylindrical batteries in the electric vehicle market.

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