LG New Energy's stock price surged after the company reached a multi-billion dollar electric vehicle battery agreement with Mercedes-Benz. The South Korean electric vehicle battery maker's stock price recently rose 5.3% to 448,500 won, equivalent to $304.31. It once climbed nearly 7% during early trading in Seoul on Monday. The stock is expected to record its biggest one-day gain in more than a month. The benchmark Korea Composite Index recently rose 0.3%. Earlier in the day, LG Energy said it had obtained a contract worth 1.4 billion US dollars to supply electric vehicle batteries for the German car giant in Europe and North America from March 2028 to June 2035. The value of the contract represents approximately 8% of the Korean battery maker's 2024 annual revenue. This latest contract is another electric vehicle battery agreement recently reached between the two companies. In September of this year, LG New Energy said it will supply a total of 107 gigawatt-hours of electric vehicle batteries to Mercedes-Benz in the next few years — 32 gigawatt-hours in Europe in 2028-2035 and 75 gigawatt-hours in the US in 2029-2037. The parties did not disclose the value of these two contracts.

LG New Energy's stock price surged after the company reached a multi-billion dollar electric vehicle battery agreement with Mercedes-Benz. The South Korean electric vehicle battery maker's stock price recently rose 5.3% to 448,500 won, equivalent to $304.31. It once climbed nearly 7% during early trading in Seoul on Monday. The stock is expected to record its biggest one-day gain in more than a month. The benchmark Korea Composite Index recently rose 0.3%. Earlier in the day, LG Energy said it had obtained a contract worth 1.4 billion US dollars to supply electric vehicle batteries for the German car giant in Europe and North America from March 2028 to June 2035. The value of the contract represents approximately 8% of the Korean battery maker's 2024 annual revenue. This latest contract is another electric vehicle battery agreement recently reached between the two companies. In September of this year, LG New Energy said it will supply a total of 107 gigawatt-hours of electric vehicle batteries to Mercedes-Benz in the next few years — 32 gigawatt-hours in Europe in 2028-2035 and 75 gigawatt-hours in the US in 2029-2037. The parties did not disclose the value of these two contracts.