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Toyota, LG Energy Solution sign $3 billion battery supply deal in U.S. EV push - TL;DR CNBC

Toyota, LG Energy Solution sign $3 billion battery supply deal in U.S. EV push

Publishing timestamp: 2023-10-05 02:26:38


Summary

LG Energy Solution has signed an agreement to supply Toyota with lithium-ion batteries for electric vehicles that will be assembled in the U.S. The deal will support Toyota's expanding battery EV lineup, and LG Energy Solution will invest $3 billion to establish new production lines exclusively for Toyota. LG Energy Solution aims to supply Toyota with 20 gigawatts worth of batteries every year from 2025. The competition in the EV battery market is primarily between Chinese and Korean companies, with Chinese company CATL currently dominating the market.


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Keywords: toyota motor corpgeneral motors cobusiness newsasia economyhonda motor co ltdtechnologybreaking news: technologyautos

Source: https://www.cnbc.com/2023/10/05/lg-energy-solution-to-supply-ev-batteries-to-toyota.html


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