LG Energy Solutions and Toyota announced that the companies have signed a supply agreement for regular lithium-ion battery modules to be used in Toyota EVs slated for upcoming U.S. production.
LG Energy Solution will supply automotive battery modules to support Toyota’s expanding line of electric vehicles. The modules, manufactured in LG Energy Solution’s Michigan facility, will have an annual capacity of 20GWh starting from 2025. This collaboration will contribute to Toyota’s stated goal of offering 30 EV models globally and produce up to 3.5 million EVs annually by 2030.
LG Energy Solution and Toyota say that this investment aims to combine their expertise in battery manufacturing and advanced technologies. This collaboration aims to create a high-performance battery system that enhances the customer experience. LG Energy Solution says its innovative power solution and focus on battery safety, including thermal management, will contribute to optimizing battery system performance, too.
LG says this deal represents the company’s largest single supply agreement that isn’t part of a joint venture. This also means the company now supplies its batteries to all of the top five global car manufacturers, too. Looking specifically at North America, the company has eight battery manufacturing facilities currently operating or under construction, and LG plans to continue to expand both production network and supply chains.
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