Toyota and LG Energy Solution Forge $3 Billion Battery Supply Partnership for U.S. EV Expansion
Toyota has signed a $3 billion battery supply deal with LG Energy Solution, securing lithium-ion batteries for its electric vehicles (EVs) that will be assembled in the U.S. The agreement will support Toyota's expanding battery EV lineup, including a new model to be assembled in Kentucky starting in 2025. LG Energy Solution will supply Toyota with 20 gigawatts worth of batteries annually from 2025. This deal strengthens LG Energy Solution's position as a major battery supplier, with nine of the top 10 automakers as its clients. Toyota aims to offer 30 battery-electric vehicle models and produce up to 3.5 million BEVs annually by 2030.