Passionategeekz On June 16, according to Yonhap News Agency, South Korean battery maker LG New Energy announced that it has signed a 6-year 46-series large cylindrical battery supply agreement with Chinese vehicle manufacturer Chery Automobile. This is the first time that a Korean battery manufacturer has signed a cylindrical battery supply contract with a Chinese vehicle manufacturer.
According to the agreement, LG New Energy will supply 46-series large cylindrical batteries to Chery Automobile, with an order scale of 8 GWh (GWh), which can meet the loading needs of about 120,000 electric vehicles. Although the contract amount has not been made public, industry experts speculate that the contract amount may exceed 1 trillion won (Passionategeekz Note: the current exchange rate is approximately RMB 5.252 billion).
The 46 Series Large Cylindrical Battery has a capacity and power of more than 5 times that of existing Cylindrical Batteries, which can significantly improve the range and overall performance of electric vehicles. LG New Energy plans to start supplying this model of batteries to Chery Automobile early next year, and it will be equipped with Chery Automobile’s main model. In addition, the two parties also plan to further expand the scope of cooperation and expand the supply of 46 series batteries to other electric vehicle models under Chery Automobile.
LG New Energy said that this cooperation with Chery Automobile is not only an opportunity for the company to expand the 46 series battery market, but also an important step for it to seize the commanding heights in the global battery market competition.
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