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    Home » LG Energy Solution signs battery supply agreement with Rivian
    LG Energy
    LG Energy
    IT Infrastructure

    LG Energy Solution signs battery supply agreement with Rivian

    By Tanya YeNovember 11, 2024Updated:November 14, 2024No Comments2 Mins Read
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    • LG Energy Solution has signed a five-year battery supply agreement with U.S. electric vehicle manufacturer Rivian.
    • LG Energy Solution will supply Rivian with its advanced 4695 cylindrical cells totalling 67 GWh.

    What happened

    LG Energy Solution has signed a five-year agreement with Rivian to supply batteries for electric vehicles. This deal will cover Rivian’s electric pickup trucks and SUVs, aiming to support Rivian’s expansion and production goals. The agreement is significant for both companies as it enhances Rivian’s battery supply security while strengthening LG Energy Solution’s position in the EV market.

    Also read: LGES trims sales goal amid weak EV demand and US election risk

    Also read: LG Chem announces $820 million investment for new battery cathode factory in the US

    Why it is important

    This battery supply deal between LG Energy Solution and Rivian is crucial for Rivian as an electric vehicle startup. For young companies, securing reliable access to key components like batteries is challenging due to intense competition. This agreement ensures Rivian has a steady supply for the next five years, enabling it to scale production without disruptions. It also helps Rivian attract investors by reducing supply chain risks, positioning it to compete more effectively with established automakers like Tesla. The partnership underscores Rivian’s commitment to growth and solidifies its place in the EV market.

    battery LG Rivian
    Tanya Ye

    Tanya Ye is an intern reporter at BTW Media, having studied literature at University of Southampton. She specialises in IT infrastructure and tech trends. Contact her at t.ye@btw.media.

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