LG Energy to Invest $3 Billion in US Plant in Toyota EV Pact
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2023-10-05 08:53
South Korean battery maker LG Energy Solution Ltd. will invest around 4 trillion won ($3 billion) expanding its

South Korean battery maker LG Energy Solution Ltd. will invest around 4 trillion won ($3 billion) expanding its Michigan plant after signing a deal to supply power packs to Toyota Motor Corp.

LG Energy will supply Toyota 20 gigawatt hours of high nickel-cobalt-manganese-aluminum battery modules annually from 2025, the companies said in a statement.

Toyota will use the batteries in electric vehicles assembled at its Kentucky plant, including a new model in 2025. The world’s biggest automaker plans to offer 30 battery electric cars across its Toyota and Lexus brands and produce up to 3.5 million EVs a year by 2030.

Read More: Toyota Keeps Up the Push to Prove It Can Embrace New Technology

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