放弃450亿元LG动力电池大单，福特拥抱储能

Core Viewpoint - LG Energy Solution has lost a significant contract worth 9.6 trillion KRW (approximately 45.9 billion RMB) with Ford, which represents about 30% of its total revenue for the previous year [1][3]. Group 1: Contract Cancellation Details - The contract cancellation was officially communicated by Ford, which decided to terminate the supply agreement due to changes in its electric vehicle strategy and the discontinuation of certain vehicle models [1][3]. - The cancelled contract was signed on October 15, 2022, and included two supply agreements totaling 109 GWh, with 75 GWh scheduled for supply from 2027 to 2032 and 34 GWh from 2026 to 2030 [3][6]. - Following the cancellation, LG Energy Solution will retain the 34 GWh supply agreement while the 75 GWh supply has been cancelled [3]. Group 2: Market and Policy Context - The cancellation is attributed to recent changes in the policy environment and the outlook for electric vehicle demand, particularly in the U.S., where the early termination of tax credits for electric vehicles has weakened price competitiveness [4][5]. - U.S. electric vehicle sales have significantly declined, with November figures showing a 42.6% year-on-year drop, indicating a challenging market for electric vehicle manufacturers [4]. Group 3: Ford's Strategic Shift - Ford announced a restructuring of its electric vehicle business, planning to invest approximately $20 billion in expanding its battery storage systems to focus on higher-return business areas [5][6]. - The company will utilize its factories in Kentucky and Michigan to produce battery storage solutions, indicating a strategic pivot away from electric vehicle production towards battery storage systems [6]. Group 4: Implications for LG Energy Solution - The cancellation of the contract may lead to increased risks of underutilization of LG Energy Solution's production capacity and potential delays or cancellations of overseas investments [6][10]. - The broader implications of U.S. policy adjustments and market conditions may affect the growth expectations for Korean battery manufacturers, including LG Energy Solution, as demand from U.S. automakers declines [10][11].