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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
