Toyota and LG Energy sign major battery supply deal for US EV production

Toyota Motor and LG Energy Solution signed an agreement for LG to supply lithium-ion batteries for Toyota's US-built electric vehicles starting in 2025.
LG Energy Solution will invest around $3 billion in its Michigan facility to establish new production lines exclusively for Toyota battery modules.
The deal includes LG supplying Toyota with 20 GWh of high-nickel NCMA battery modules per year beginning in 2025.
The batteries will be used in Toyota EVs assembled in the US, including a new model to be made in Kentucky starting in 2025.
LG Energy Solution will now supply batteries to multiple major automakers including GM, Stellantis, Hyundai, Honda, and Toyota.