Toyota: battery agreement with LG Energy Solution
(CercleFinance.com) - LG Energy Solution and Toyota Motor North America, Inc.
(Toyota) today announced that they have signed an agreement to supply lithium-ion battery modules for use in Toyota battery electric vehicles (BEVs) to be assembled in the US.
Under the contract, LG Energy Solution will supply automotive battery modules with an annual capacity of 20 GWh, as from 2025.
The battery modules, made of high-nickel NCMA (nickel, cobalt, manganese, aluminum) pocket cells, will be manufactured at LG Energy Solution's facility in Michigan.
To fulfill the supply agreement, LG Energy Solution will invest KRW 4,000 billion (about $3bn) in its Michigan plant to establish new cell and battery module production lines exclusively for Toyota, which is scheduled for completion in 2025.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
(Toyota) today announced that they have signed an agreement to supply lithium-ion battery modules for use in Toyota battery electric vehicles (BEVs) to be assembled in the US.
Under the contract, LG Energy Solution will supply automotive battery modules with an annual capacity of 20 GWh, as from 2025.
The battery modules, made of high-nickel NCMA (nickel, cobalt, manganese, aluminum) pocket cells, will be manufactured at LG Energy Solution's facility in Michigan.
To fulfill the supply agreement, LG Energy Solution will invest KRW 4,000 billion (about $3bn) in its Michigan plant to establish new cell and battery module production lines exclusively for Toyota, which is scheduled for completion in 2025.
Copyright (c) 2023 CercleFinance.com. All rights reserved.