Toyota and LG Energy do deal for $3 billion US battery plant

Tokyo, Oct. 5 (BNA): Korean battery company LG Energy Solution said it will invest around $3 billion in its facility in the US state of Michigan to establish new production lines for battery cells and modules.

 

The company estimated the plant, which will manufacture exclusively for Toyota’s US subsidiary, will go into production in 2025, dpa reported.

 

Initially, the battery modules will go to Toyota Motor Manufacturing Kentucky to be assembled into battery packs and equipped onto battery electric vehicles or BEVs.

 

The companies have signed a supply agreement for lithium-ion battery modules to be used in Toyota BEVs that will be assembled in the US. Under the contract, LG Energy Solution will supply automotive battery modules at an annual capacity of 20 gigawatt-hours starting from 2025.

 

The battery modules, consisting of high-nickel NCMA (nickel, cobalt, manganese, aluminum) pouch-type cells, will be manufactured in LG Energy Solution’s Michigan facility.

 


 

F.K.N.







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