(Tokyo) South Korean giant LG Energy Solution will invest around three billion dollars in its Michigan factory to supply batteries for future Toyota electric vehicles produced in the United States from 2025, according to a press release published Wednesday.
This partnership “will support Toyota’s growing range of battery electric vehicles as part of its multi-modal product strategy,” the Japanese manufacturer commented in its press release.
The group recalled that it plans to offer 30 models of electric vehicles worldwide for its Toyota and Lexus brands and produce 3.5 million units per year by 2030.
Toyota was slow to seriously launch into all-electric, but is now working hard to try to catch up with the current world leaders in this now very buoyant segment, the American Tesla and the Chinese BYD.
LG Energy is increasing its partnerships in the electric sector with automobile manufacturers in the United States: it is building a battery factory in the country with its compatriot Hyundai which should start at the end of 2025, and it has also joined forces with the Japanese Honda in North America.
