Financial Wire

Samsung SDI, Mercedes-Benz Sign First EV Battery Supply Contract

-- Samsung SDI (KRX:006400) and German automaker Mercedes-Benz signed a multi-year agreement under which the former will supply batteries for next-generation electric vehicles to the latter, the battery and electronic materials manufacturer said in a Monday release.

The batteries will feature high-nickel, cobalt, and manganese, which would offer high energy density, more driving range, long lifespan, and high power, the release said.

The two firms will also collaborate on future mobility and develop next-generation battery technology, it said.

Shares of Samsung SDI jumped nearly 5% at market close.

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