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Energy Solution to supply Mercedes-Benz North American affiliate","lg-energy-solution-to-supply-mercedes-benz-north-american-affiliate","article/lg-energy-solution-to-supply-mercedes-benz-north-american-affiliate",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":648,"featured":51,"reporter":649,"_editable":653,"component":654,"seo_title":553,"categories":655,"visibility":662,"author_company":49,"featured_image":663,"seo_description":648,"author_full_name":49,"author_job_title":49,"formattedDate":669,"formattedArticleDate":670},"f1d55ddb-10e0-4185-bceb-11df2feb58cc","2024-10-09 00:00",[560,563,566],{"slug":561,"name":562},"inflation-reduction-act","Inflation Reduction Act",{"slug":564,"name":565},"lges","LGES",{"slug":567,"name":568},"usa","USA",[570],{"slug":571,"name":572,"content":573},"didi-bostock","Didi Bostock",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Editor - Energy Transition & Economics",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":580,"content":581},"doc",[582,589,594,616,623,628,633,638,643],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"LG Energy Solution (LGES) has signed a deal to supply electric vehicle (EV) batteries to a Mercedes-Benz affiliate in North America and other regions.","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":588},"The South Korean cell maker will supply 50.5 gigawatt-hours (GWh) of batteries from 2028 to 2038.",{"type":583,"attrs":595,"content":596},{"textAlign":49},[597,599,607,609,614],{"text":598,"type":588},"The deal furthers the trend of ",{"text":600,"type":588,"marks":601},"South Korean cell manufacturer’s influence in the North American battery market",[602],{"type":603,"attrs":604},"link",{"href":605,"uuid":49,"anchor":49,"target":49,"linktype":606},"https://www.benchmarkminerals.com/","url",{"text":608,"type":588},". Last month, GM and Samsung ",{"text":610,"type":588,"marks":611},"finalised a joint venture US gigafactory deal",[612],{"type":603,"attrs":613},{"href":605,"uuid":49,"anchor":49,"target":49,"linktype":606},{"text":615,"type":588},", demonstrating confidence in the long-term demand for EVs in the US.",{"type":617,"attrs":618,"content":620},"heading",{"level":619,"textAlign":49},4,[621],{"text":622,"type":588},"What is LGES’ role in the North American battery market?",{"type":583,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":588},"LGES is one of the largest cell manufacturers operating in the North American market. This capacity comes from both independent projects and joint ventures.",{"type":583,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":588},"The South Korean cell manufacturer is able to leverage its battery experience to aid automakers moving into the EV market. US demand for EVs is expected to grow following the implementation of policies such as the Inflation Reduction Act (IRA).",{"type":583,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":588},"“LGES has been a big beneficiary of the IRA. When the IRA was announced the company had one operational plant in the US but now it represents 24% of the country’s 2030  pipeline capacity with two additional plants announced,” said Shivangee Chauhan, an analyst at Benchmark.",{"type":617,"attrs":639,"content":640},{"level":619,"textAlign":49},[641],{"text":642,"type":588},"How much does the North American battery market rely on foreign manufacturers?",{"type":583,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":588},"The IRA’s Foreign Entity of Concern ownership requirements have sought to derisk the US’ battery supply chain from China. As a result, foreign companies that meet these requirements have invested in US-based production, expanding the country’s gigafactory capacity.","LG Energy Solution (LGES) has signed a deal to supply electric vehicle (EV) batteries to a Mercedes-Benz affiliate in North America and other regions. The South Korean cell maker will supply 50.5 gigawatt-hours (GWh) of batteries from 2028 to 2038. The deal furthers the trend of South Korean cell manufacturer’s influence in the North American […]",[650],{"slug":571,"name":572,"content":651},{"job_title":574,"image":652,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f1d55ddb-10e0-4185-bceb-11df2feb58cc\", \"id\": \"\"}-->","article",[656,659],{"slug":657,"name":658},"batteries","Batteries",{"slug":660,"name":661},"ev","EV","private",{"id":49,"alt":664,"name":665,"focus":665,"title":664,"source":665,"filename":666,"copyright":665,"fieldtype":667,"meta_data":668,"is_external_url":51},"LGES Ochang South Korea","","https://a.storyblok.com/f/287943243085208/8af09dc384/bm-lges-to-supply-mercedesbenz-affiliate.jpg","asset",{"alt":664,"title":664,"source":665,"copyright":665},"Oct 09, 2024","9th October 2024",[],[],1792773896113]