LG Energy Solution and Toyota Announce $3 Billion Battery Supply Agreement for US EVs
Toyota has signed a long-term battery supply agreement with LG Energy Solution for its upcoming electric vehicle (EV) models assembled in the US. Starting in 2025, LG Energy Solution will supply Toyota with 20 GWh of battery modules annually. The battery modules will be high-nickel NCMA pouch-type cells. LG Energy Solution will invest around $3 billion to build exclusive EV battery production lines in Michigan. The battery modules will be sent to Toyota's manufacturing plant in Kentucky to be assembled into battery packs for the new EVs. This agreement is critical for Toyota's EV growth plans in the US, as it aims to catch up with other automakers in the EV market.