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[Alpha Biz=(Chicago) Reporter Kim Jisun] LG Chem announced on the 7th that it signed a contract to supply cathode materials worth 25 trillion won with US automaker GM.
This is enough to make batteries for 5 million electric vehicles, and it is the largest supply contract for bipolar materials signed by LG Chem with a finished car manufacturer.
Under the deal, LG Chem will supply GM with at least 24.75 trillion won worth of bipolar materials by 2035. The volume is expected to be more than 500,000 tons.
The two companies reached a comprehensive agreement in July 2022 for the long-term supply of bipolar materials, which were specified by the contract on the same day.
The LG Chem plans to supply GM with supplies from 2026 when the U.S.-based Tennessee cathode material plant, which is currently under construction, is in full operation. The cathode materials produced at the Tennessee plant are expected to go mainly into batteries made by LG Energy Solutions and GM's joint venture.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
