Long-term supply contract of 20GWh per year… The largest single contract
Invested KRW 4 trillion in Michigan plant to build a dedicated line
LG Energy Solution supplies electric vehicle batteries to Toyota of Japan.
LG Energy Solution announced on the 5th that it signed a large-scale long-term supply contract with Toyota Motor Company of Japan for electric vehicle batteries of 20 gigawatt hours (GWh) per year. This is enough to supply more than 200,000 electric vehicles.
This contract is the company’s largest single contract, excluding joint ventures (JVs). For this contract, LG Energy Solutions plans to invest $3 billion (approximately 4 trillion won) in its Michigan plant in the U.S. by 2025 to build a battery cell and module production line exclusively for Toyota.
This is the first time that LG Energy Solution has signed a battery supply contract with Toyota. Toyota has recently been accelerating its electric vehicle strategy. Toyota set a goal of increasing the number of electric vehicle models to 30 by 2030, selling a total of 3.5 million units (2.5 million Toyota units, 1 million Lexus units). Of these, the plan is to sell 1 million units annually in the North American market.
Through this contract, LG Energy Solution will supply electric vehicle batteries to all of the top five global automakers (Toyota, Volkswagen, Renault, Hyundai Motor Company, and GM).
Invest Chosun Paid Service Posted at 09:52 on October 5, 2023
2023-10-05 00:54:00
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