Exclusive-LG Energy Solution, Tesla sign $4.3 billion battery supply deal, source says
The batteries will be supplied from LGES' U.S. factory, the person said on condition of anonymity because the details were not public.
LGES said earlier on Wednesday that it had signed a $4.3 billion contract to supply LFP batteries over three years globally, without identifying the customer.
The announcement by the company, whose major customers include Tesla and General Motors, did not say whether the LFP batteries will be used in vehicles or energy storage systems.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
40 minutes ago
- Business Times
Tesla ordered by Florida jury to pay US$243 million in fatal Autopilot crash
[NEW YORK] A Florida jury on Friday (Aug 1) found Tesla liable to pay US$243 million to victims of a 2019 fatal crash of an Autopilot-equipped Model S, a verdict that could encourage more legal action against Elon Musk's electric vehicle (EV) company. The verdict is a rare win for victims of accidents involving Autopilot. Musk has been pushing to rapidly expand Tesla's recently launched robotaxi business based on an advanced version of its driver assistance software. Tesla shares fell 1.8 per cent on Friday, and are down 25 per cent this year. Jurors in Miami federal court awarded the estate of Naibel Benavides Leon, as well as her former boyfriend Dillon Angulo, US$129 million in compensatory damages plus US$200 million in punitive damages, according to a verdict sheet. Tesla was held liable for 33 per cent of the compensatory damages, or US$42.6 million. Jurors found the driver George McGee liable for 67 per cent, but he was not a defendant and will not have to pay his share. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Tesla designed Autopilot only for controlled-access highways yet deliberately chose not to restrict drivers from using it elsewhere, alongside Elon Musk telling the world Autopilot drove better than humans,' Brett Schreiber, a lawyer for the plaintiffs, said. 'Today's verdict represents justice for Naibel's tragic death and Dillon's lifelong injuries,' he added. Tesla said it will appeal. 'Today's verdict is wrong and only works to set back automotive safety and jeopardise Tesla's and the entire industry's efforts to develop and implement life-saving technology,' the company said. The plaintiffs had sought US$345 million of damages. Their lawyers said that the trial was the first involving the wrongful death of a third party resulting from Autopilot. Impact on future cases Tesla has faced many similar lawsuits over its vehicles' self-driving capabilities, but they have been resolved or dismissed without getting to trial. In June, a judge rejected Tesla's bid to dismiss the Florida case. Experts said on Friday's verdict may spur more lawsuits, and could make future settlements more costly. 'It's a big deal,' said Alex Lemann, a law professor at Marquette University. 'This is the first time that Tesla has been hit with a judgment in one of the many, many fatalities that have happened as a result of its Autopilot technology.' The verdict could also impede efforts by Musk, the world's richest person, to convince investors that Tesla can become a leader in so-called autonomous driving for private vehicles as well as robotaxis it plans to start producing next year. As Tesla's electric vehicle sales fall, much of its nearly US$1 trillion market value hinges on Musk's ability to pivot the company into robotics and artificial intelligence. Driver's role The trial concerned an Apr 25, 2019, incident where George McGee drove his 2019 Model S at about 100 kph through an intersection into the victims' parked Chevrolet Tahoe as they were standing beside it on a shoulder. McGee had reached down to pick up a cellphone he dropped on his car's floorboard and allegedly received no alerts as he ran a stop sign and stop light before hitting the victims' SUV. Benavides Leon was allegedly thrown 23 metres to her death, while Angulo suffered serious injuries. 'We have a driver who was acting less than perfectly, and yet the jury still found Tesla contributed to the crash,' said Philip Koopman, a Carnegie Mellon University engineering professor and expert in autonomous technology. 'The only way the jury could have possibly ruled against Tesla was by finding a defect with the Autopilot software,' he added. 'That's a big deal.' Tesla, in its statement, said McGee was entirely at fault. 'To be clear, no car in 2019, and none today, would have prevented this crash,' the company said. 'This was never about Autopilot; it was a fiction concocted by plaintiffs' lawyers blaming the car when the driver, from day one, admitted and accepted responsibility.' REUTERS
Straits Times
6 hours ago
- Straits Times
Tesla ordered by Florida jury to pay over $400m in Autopilot crash
Sign up now: Get ST's newsletters delivered to your inbox A Tesla car passing the US Courthouse in Miami, Florida, where the case is being heard. MIAMI - A Florida jury on Aug 1 found Tesla liable in the 2019 fatal crash of an Autopilot-equipped Model S, and ordered Elon Musk's automaker to pay US$329 million (S$424 million) to the family of a deceased woman and an injured survivor. The payout includes US$129 million of compensatory damages and US$200 million of punitive damages. Tesla was sued by the estate of Naibel Benavides Leon, and by her former boyfriend Dillon Angulo. The lawsuit concerned an April 25, 2019 incident where George McGee drove his 2019 Model S at about 100kmh through an intersection into the victims' parked Chevrolet Tahoe as they were standing beside it on a shoulder. 'Tesla designed Autopilot only for controlled access highways yet deliberately chose not to restrict drivers from using it elsewhere,' Mr Brett Schreiber, a lawyer for the plaintiffs, said in a statement. 'Today's verdict represents justice for Naibel's tragic death and Dillon's lifelong injuries.' Tesla did not immediately respond to requests for comment. REUTERS
Straits Times
15 hours ago
- Straits Times
South Korea says it has no written pact on US trade deal
Sign up now: Get ST's newsletters delivered to your inbox KIA Motors' vehicles are parked to be exported, at a port in Pyeongtaek, South Korea, July 31, 2025. REUTERS/Kim Hong-Ji SEOUL - There is no written agreement yet on a trade deal between South Korea and the United States announced by President Donald Trump this week, the Asian nation's trade minister said on Friday. The U.S. tariff on South Korean imports will be 15%, Trump said after meeting its ministers on Wednesday, down from a threatened 25%, but the U.S. gave scarce details, apart from social media posts by him and Commerce Secretary Howard Lutnick. Speaking to reporters as he arrived home from a visit to Washington, Trade Minister Yeo Han-koo said the two sides had an oral negotiation because of time constraints. "What we felt during this negotiation is that the U.S. trade environment is fundamentally changing. This is completely different from the first Trump term," Yeo said of the deal easing tension with a top-10 trading partner and key Asian ally. "I think we are entering a new normal era. So, although we have overcome this crisis, we cannot be relieved, because we do not know when we will face pressure from tariffs or non-tariff measures again." The White House, which issued factsheets on trade deals with Japan and the European Union a day after striking them, has not yet released a separate one on the pact with South Korea. Trump said South Korea would invest $350 billion in the United States in projects "owned and controlled by the United States" and selected by him. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Singapore Tanjong Katong sinkhole: Road will progressively open to motorists from Aug 2 noon World Trump modifies reciprocal tariffs ahead of deadline; rate on Singapore remains at 10% Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore Business Sumo Salad had valid insurance coverage for work injury claims: MOM Asia Australia to force Google to conduct age checks in world-first rules for search engines Singapore PM Wong to deliver National Day message on Aug 8 Lutnick said 90% of profits from the investments would go to the American people, while White House Press Secretary Karoline Leavitt said they would go to the U.S. government to help repay debt. More discussions were necessary on the investment fund's profit structure, said Industry Minister Kim Jung-kwan, who returned with Yeo. Finance Minister Koo Yun-cheol, also one of the negotiation team, said detailed plans for the $350-billion investment would need be established. Wednesday's deal did not tackle most non-tariff barriers discussed during working-level talks, as well as security and foreign exchange aspects. REUTERS
