Ford Motor Company cancels the $6.5 billion electric vehicle battery contract with South Korea's LG Energy Solutions.

Ford Motor Company has canceled a 9.6 trillion won battery agreement with LG Energy, as the American car manufacturer has scaled back its electric vehicle development plans. According to regulatory filings in Seoul, Ford notified LG Energy on Wednesday that it was canceling the order. The contract amount is equivalent to more than one-third of LG Energy's total revenue last year. LG Energy is the latest example of a company affected by Ford's contraction of its electric vehicle business. The American car manufacturer recently announced plans to restructure its electric vehicle business and set aside $19.5 billion in expenses, canceling the planned pure electric F-series pickup project. Ford will also exit the U.S. battery joint venture with SK On, a battery subsidiary of South Korea's SK Innovation Co.