Microsoft Reportedly Plans New Job Cuts Across Sales, Consulting, and Xbox 
Lockheed Martin Emerges as Frontrunner to Acquire Ultra Maritime in $3.5 Billion Defense Deal 
ShareChat Eyes 2027 IPO After Reaching Operational Profitability, Report Says 
South Korea Warns Won Is Undervalued, Boosts FX Coordination With Japan 
US Jobs Report Preview: June Payroll Growth Seen Slowing as Fed Rate Decision Looms 
Norway Offshore Oil Workers Reach Wage Deal, Averting Strike 
Apple Eyes Chinese Memory Chips as AI Shortage Pressures iPhone Supply Chain 
China Services PMI Beats Forecasts as Strong Demand Supports June Growth 
US Dollar Rises as Fed Rate Outlook Stays Hawkish, Euro Slips and Yen Near 40-Year Low 
Wall Street Ends Mixed as Weak Jobs Data Lowers Fed Rate Hike Bets, Chip Stocks Tumble 
Trump Administration to Launch Voluntary AI Standards for Frontier Models 
Texas Man Charged After Fatal Tesla Full Self-Driving Crash in Katy 
Brazil to Phase Out Gasoline Subsidy First as Diesel Support Stays Longer 
EU Chip Industry Faces Growing Risks From China Export Controls and U.S. Technology Dependence: Report 
Asian Stocks Slide as Chip Shares Tumble Ahead of Key U.S. Jobs Report 
Greece’s Bad Loan Crisis Continues to Limit Credit Access Despite Economic Recovery 
Anthropic Restores Claude Fable 5 and Mythos 5 After U.S. Lifts AI Export Controls 
LG Energy Solution and Toyota Motor partner with a $3 billion investment to supply electric vehicle batteries from a Michigan plant, potentially benefiting from the U.S. Inflation Reduction Act.
The batteries are set to be used for the EVs that Toyota Motor will produce. Leaders in the field opined that the deal between the Japanese automaker and Korean battery manufacturing company will drive future growth of EVs in the United States.
Details of the Agreement
LG Energy Solution and Toyota Motor confirmed on Wednesday, Oct. 4, that they have signed a supply agreement where the deliveries are expected to start in 2025. The former will make lithium-ion batteries for the automaker's electric vehicles that will be built in the U.S.
As per Reuters, the partners may also benefit from the U.S. Inflation Reduction Act for this project. The IRA was set up to incentivize companies producing EVs, batteries, and raw materials in the country. This legislation aims to boost domestic production of the said products.
Michigan Welcomes LG Energy Solution and Toyota Motor's Business Cooperation
Governor of Michigan, Gretchen Whitmer, praised the partnership of LGES and Toyota since it will be a business that will also boost the state's economy. She said that the announcement of the team-up to power electric vehicles in the U.S. in Michigan reconfirms the state's strategy to "Make It in Michigan" by building an environment that encourages global investment.
"Together, we can continue growing our economy, creating good-paying jobs, and further cement Michigan as the global epicenter of the next revolution of the automotive industry," the governor stated.
WZZM13 News quoted LG Energy Solution's chief executive officer, Kwon Young Soo, saying, "We are excited to have Toyota, the best-selling global automaker, as our new customer. 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."
The LGES chief added, "The agreement also presents another big opportunity for us to strengthen our production capacity in North America, thereby bringing more real-life, large-scale progress toward electrification in the region."
Photo by: LGES Media Library
