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November 8, 2021

LG Energy Solution to supply electric truck batteries to Nikola

Electric truck maker locks in battery supply.

By Graeme Roberts

US-based electric vehicle startup Nikola Corporation has signed a long term agreement to source lithium-ion batteries from LG Energy Solution for its upcoming range of heavy duty electric trucks, the company said in its latest earnings report.

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The Arizona based EV startup said it had contracted South Korea’s largest EV battery manufacturer to begin supplying lithium ion batteries for seven years from 2022.

Details of the contact value were not disclosed but it was understood LG would be one of Nikola’s main battery system suppliers after the company launches series production of heavy trucks, expected towards the end of 2021.

The company had already begun pre-series production at its Coolige plant in Arizona.

LG Energy Solution has been expanding aggressively into the North American automotive sector, having announced last month a preliminary agreement to establish an electric vehicle (EV) battery cell and module manufacturing joint venture in the region with Stellantis. Construction of the 40 gigawatt hours (GWh) factory was expected to start in the first quarter of 2022 with production scheduled to start in the first quarter of 2024.

A similar strategic partnership was announced earlier this year with General Motors.

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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