LG Energy Solution and Toyota Sign Battery Supply Agreement to Power EVs
Toyota Motor Corporation, the world’s largest car seller by volume, plans to enter the electric vehicles market dominatingly by 2030.
Toyota plans to launch 30 battery-powered vehicles by 2030 which will count 3.5 million sales worldwide.
Toyota has signed LG Energy Solution to supply Toyota with 20GWh of high-nickel battery modules annually from 2025.
LG will manufacture these battery modules at its Michigan Plant, in the US. The battery modules consist of high-nickel NCMA (nickel, cobalt, manganese, aluminum) pouch-type cells.
Tetsuo “Ted” Ogawa
President and CEO of Toyota Motor North America said, Working with LG Energy Solution, we are excited to be able to offer products that will provide the performance and quality our customers expect.”
To fulfill the supply agreement, LG Energy Solution will invest 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.