LG Energy Solution and Toyota Motor North America, Inc. have recently signed a supply agreement. As part of the arrangement, LG will supply automotive battery modules to be used in Toyota battery electric vehicles. LG will produce the battery modules at an annual capacity of 20GWh by 2025 at its Michigan plant. Toyota hopes the agreement will help support the company’s vehicle electrification initiatives.
In addition, LG will be investing $3 billion into its Michigan facility. The money will be used to establish new production lines for battery cells and modules exclusively for Toyota. The project is expected to be completed in 2025.
In a recent quote, Tetsuo “Ted” Ogawa, president and CEO of Toyota Motor North America, said, “At Toyota, our goal is to reduce carbon emissions as much as possible, as fast as possible. Having secure supplies of lithium-ion batteries at scale with a long-term relationship to support Toyota’s multi-pathway approach and growth plans for BEVs in North America is critical to achieving our manufacturing and carbon reduction plans. Working with LG Energy Solution, we are excited to be able to offer products that will provide the performance and quality our customers expect.”
Investing in American Manufacturing - 2023
This map shows where manufacturers are choosing to invest their resources, whether they are building new production facilities or expanding existing plants.
