Toyota : LG Energy To Invest $3 Bln In Michigan Facility For EV Battery Production

(RTTNews) - LG Energy Solution said it will invest KRW 4 trillion or about $3 billion in its Michigan facility to establish new production lines for battery cells and modules exclusively for Toyota, with completion slated for 2025.

Initially, the battery modules will go to Toyota Motor Manufacturing Kentucky to be assembled into battery packs and equipped onto battery electric vehicles or BEVs.

The companies have signed a supply agreement for lithium-ion battery modules to be used in Toyota battery electric vehicles (BEVs) that will be assembled in the United States.

Under the contract, LG Energy Solution will supply automotive battery modules at an annual capacity of 20GWh starting from 2025. The battery modules, consisting of high-nickel NCMA (nickel, cobalt, manganese, aluminum) pouch-type cells, will be manufactured in LG Energy Solution's Michigan facility.