Ford Motor Company cancelled a 9.6 trillion won battery agreement with LG New Energy after the US automaker contracted plans to develop electric vehicles. According to LG New Energy's regulatory documents in Seoul, Ford Motor Company on Wednesday notified the company to cancel the order. The contract amount is equivalent to more than one-third of LG Renewable's total revenue last year. LG New Energy is the latest example of being impacted by Ford's contraction of its electric vehicle business. The US automaker recently stated that it will restructure its electric vehicle business, charge 19.5 billion US dollars, and cancel the originally planned pure electric F series pickup truck project. Ford Motor will also withdraw from its battery joint venture in the US with SK On, a battery subsidiary of South Korea's SK Innovation Co.

Ford Motor Company cancelled a 9.6 trillion won battery agreement with LG New Energy after the US automaker contracted plans to develop electric vehicles. According to LG New Energy's regulatory documents in Seoul, Ford Motor Company on Wednesday notified the company to cancel the order. The contract amount is equivalent to more than one-third of LG Renewable's total revenue last year. LG New Energy is the latest example of being impacted by Ford's contraction of its electric vehicle business. The US automaker recently stated that it will restructure its electric vehicle business, charge 19.5 billion US dollars, and cancel the originally planned pure electric F series pickup truck project. Ford Motor will also withdraw from its battery joint venture in the US with SK On, a battery subsidiary of South Korea's SK Innovation Co.