On December 8, Yonhap News Agency reported that LG New Energy, a prominent South Korean secondary battery producer, disclosed on the same day that it had secured a power battery supply agreement with Mercedes-Benz Group AG. The contract is valued at a staggering 2.06 trillion Korean won (roughly equivalent to 9.89 billion yuan), representing 8% of LG New Energy's total sales (25.6196 trillion Korean won) in the previous year.

As per the terms of the contract, LG New Energy is set to supply power batteries to Mercedes-Benz's manufacturing facilities in North America and Europe, spanning from March 1, 2028, to June 30, 2035. Industry insiders speculate that the primary focus of this contract will be on power batteries tailored for mid-range and entry-level electric vehicles.

At present, Chinese battery manufacturers are steadily increasing their market share in Europe and on the global stage, thanks to their competitive pricing. Given this context, industry experts anticipate that this collaboration between LG New Energy and Mercedes-Benz will mark a pivotal moment for Korean battery manufacturers, enabling them to reclaim market share and enhance their global influence.