LG Energy Solution (LGES) has agreed to supply electric vehicle (EV) batteries to Isuzu Motors, according to local reports citing a regulatory filing last week by the South Korea company.

Sources suggested the deal was worth at least KRW1trn (US$748m) and runs until the end of 2026.

LGES previously said it had begun limited shipments of cylindrical battery cells to the truck maker in mid-2023. The two companies were first reported to have been in talks over EV batteries in 2022.

Isuzu is preparing to step up production of zero emission vehicles over the next two years. So far the company has launched a battery powered version of its N-series light truck and has a project with Honda Motor to develop hydrogen powered heavy trucks.

It is also preparing to produce an electric pickup truck in Thailand, which is expected to initially go on sale in Europe and across South-east Asia.

LGES is South Korea’s largest EV battery manufacturer, supplying Hyundai Motor Group and also major automakers overseas such as General Motors, Ford, Stellantis, Renault, Volkswagen Group, Tesla and Lucid Motors.

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By GlobalData