LG Energy Solution said on Thursday that it has signed a long-term contract with car giant Toyota to supply 20GWh of electric vehicle batteries per year.
The South Korean battery maker will spend 4 trillion won up to 2025 at its Michigan plant to build a dedicated battery cell and modular line to supply batteries to the Japanese auto giant.
LG Energy Solution will supply battery modules comprised of NCMA-based pouch cells.
These modules will be assembled as packs at Toyota’s plant in Kentucky.
With the deal with the Japanese auto giant, LG Energy Solution has now secured all five major car brands in the US as its customers for EV batteries, which includes Honda, General Motors, Hyundai Motor, and Stellantis.
Toyota said previously that it plans to launch 30 models of EVs by 2030 with the goal to sell 3.5 million units per year.
