To reduce its reliance on EVs, LG Energy said it plans to more than double sales by 2028 by expanding businesses such as energy storage systems.

LG Energy Solution sealed a 10-year battery supply deal with Mercedes-Benz as the Korean battery maker struggles to defend its profitability amid faltering EV demand in global markets.

LG Energy Solution has presented its first official corporate strategy "Empower Every Possibility." LGES aims to expand its business beyond battery production to the entire value chain and reduce its dependence on the electric vehicle sector.

LG Energy Solution has secured a major long-term contract to supply electric vehicle batteries to a key affiliate of Mercedes-Benz. The deal, announced Tuesday, primarily targets North America and other key markets,

Korea's leading battery maker, said Tuesday its third-quarter operating profit fell 39 percent from a year earlier amid slowing sales of electric vehicles.

South Korea's LG Energy Solution said on Tuesday it signed a deal to supply electric vehicle batteries to a Mercedes-Benz affiliate in North America and other regions. The battery maker said in a regulatory filing it would supply 50.

Operating profit for the three months ended in September is estimated to have plunged to 448.3 billion won (US$332 million) from 731.2 billion won in the same period of last year, LGES said in a statement. LEGS sees the global EV markets are in a stagnation phase, known as the "chasm," which is occurring before the widespread adoption of EVs.