Toyota Signs $3 Billion Battery Deal with LG to Power U.S. Electric Vehicle Production
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Toyota and LG Energy Solution signed a $3 billion battery supply deal for U.S. electric vehicle production starting in 2025.
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The deal supports Toyota's expanding EV lineup including a new model to be made in Kentucky.
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LG will supply 20 gigawatts of batteries per year to Toyota, becoming a supplier to 9 of the top 10 automakers.
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Toyota aims for 30 EV models and up to 3.5 million EVs annually by 2030.
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LG is competing with Chinese companies like CATL to be a top global EV battery supplier.