AGGREMENT SIGNED TO POWER USA ELECTRIC VEHICLES

NCAA Battery - Toyota

LG Energy Solution and Toyota Motor North America have signed a long-term supply agreement for lithium-ion battery modules for Toyota's battery electric vehicles (BEVs) in the US. The agreement will supply automotive battery modules at an annual capacity of 20GWh starting from 2025, manufactured in LG Energy Solution's Michigan facility.

The modules will support Toyota's expanding line of BEVs, including a new model assembled at Toyota Motor Manufacturing Kentucky in 2025. The innovative power solutions will also help further Toyota's vehicle electrification initiatives, as it aims to offer 30 BEV models globally across its Toyota and Lexus brand nameplates and produce up to 3.5 million BEVs annually by 2030. 

To fulfill the supply agreement, LG Energy Solution will invest KRW 4 trillion (approximately USD 3 billion) in its Michigan facility to establish new production lines for battery cells and modules exclusively for Toyota, with completion slated for 2025...Read more..