LG Energy Solution, Toyota Motor North America Sign EV Battery Supply Agreement
Provided by
Dow Jones
By Denny Jacob
LG Energy Solution and Toyota Motor North America signed a supply agreement for lithium-ion battery modules that will be used in Toyota battery electric vehicles assembled in the United States.
LG will invest 4 trillion won ($2.94 billion) in its Michigan facility to establish new production lines for battery cells and modules exclusively for Toyota to fulfill the supply agreement, with completion slated for 2025.
LG will supply automotive battery modules at an annual capacity of 20 gigawatt hours starting from 2025 under the contract.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
October 04, 2023 15:34 ET (19:34 GMT)
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