SEOUL, July 6 (Korea Bizwire) – LG Energy Solution Ltd. (LGES) will supply its electric vehicle batteries to Japanese commercial vehicle maker Isuzu Motors Ltd. in a deal likely amounting to at least 1 trillion won (US$762.4 million), a news report said Wednesday.
LGES will produce cylindrical batteries for Isuzu’s EV version of its flagship mid-to-large Elf trucks for four years starting in 2023, according to the Korea Economic Daily.
The supply deal is part of their joint project for the electrification of Isuzu trucks. Isuzu plans to start producing the Elf EV in 2023, the local newspaper said.
“We are currently negotiating with Isuzu Motors, but details, such as the total sales and selling price, have not been finalized yet,” LGES said in a regulatory filing later in the day.
An LGES official earlier declined to confirm the news report.