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LG Energy Solution, Toyota Sign Long-Term Battery Deal
LG Energy Solution* (KRX: 373220) and Toyota Motor North America (NYSE: TM) today announced that they 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. LG will supply Toyota with 20GWh of high-nickel NCMA battery modules annually from 2025.
“At Toyota, our goal is to reduce carbon emissions as much as possible, as fast as possible,” said Tetsuo “Ted” Ogawa, president and CEO of Toyota Motor North America. “Having secure supplies of lithium-ion batteries at scale with a long-term relationship to support Toyota’s multi-pathway approach and growth plans for BEVs in North America is critical to achieve our manufacturing and carbon reduction plans.”
Modules produced in LG’s Michigan facility will be used to power a new BEV model assembled in North America, at Toyota Motor Manufacturing Kentucky, among others. The pouch batteries will be made of so-called high nickel NCMA (nickel, cobalt, manganese, aluminum). Toyota and Lexus brands aspire to offer 30 BEV models globally across its nameplates and produce up to 3.5 million BEVs annually by 2030.
The deal is LG Energy Solution’s largest single supply agreement secured outside of its many joint ventures. The company now supplies its batteries to all top five global automakers[based on 2022 sales]. The company has eight battery manufacturing facilities currently operating or under construction in North America, and continues to expand both its production network and supply chain in the region.
“With our 30 years of experience in lithium-ion batteries, we will provide innovative power solutions to support Toyota’s push further into battery electric vehicles,” said Youngsoo Kwon, CEO of LG Energy Solution.
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*LG Energy Solution (KRX: 373220) is a spin-off from LG Chem.