Ford Scraps $6.5 Billion EV Battery Deal with LG Amid Rollback of EV Ambitions

• Ford Motor Co. canceled a 9.6 trillion won ($6.5 billion) EV battery agreement with LG Energy Solution Ltd.
• The cancellation is due to Ford rolling back its electric vehicle ambitions and taking $19.5 billion in charges.
• The scrapped deal represents over a third of LG's total revenue last year, causing LG Energy shares to fall 0.6%.
• Ford is also scrapping plans for an electric F-Series truck and ending its battery venture with SK Innovation Co.
• This move signals a more uncertain and contested phase for the global electric vehicle market.

Why It Matters: Ford's $6.5 billion LG battery contract cancellation highlights a significant EV market slowdown.