LG Energy to Invest $3 Billion to Expand its Battery Manu

09 Oct 2023 CW Team

LG Energy Solution, a prominent battery manufacturer, has announced a substantial investment of KRW 4 trillion (approximately $3 billion) into its Michigan facility. This investment is aimed at establishing new production lines exclusively dedicated to manufacturing battery cells and modules for Toyota, with an expected completion date set for 2025.

Under the terms of the contract, LG Energy Solution will be the designated supplier for Toyota, providing 20 gigawatt-hours (GWh) of automotive battery modules each year. These modules will be composed of high-nickel NCMA (nickel, cobalt, manganese, aluminum) pouch-type cells. They will be delivered to Toyota's motor manufacturing facility in Kentucky, where they will be assembled into battery packs.

These cutting-edge power solutions are intended to support Toyota's expanding range of battery electric vehicles (BEVs), aligning with its multi-pathway product strategy. This strategy includes the introduction of a new BEV model scheduled for assembly at the Toyota Motor Manufacturing Kentucky facility in 2025. Additionally, the new battery modules will play a pivotal role in advancing Toyota's global vehicle electrification initiatives. The company aims to offer a total of 30 BEV models under both the Toyota and Lexus brand names and achieve an annual production of up to 3.5 million BEVs by the year 2030.

This strategic partnership between LG Energy Solution and Toyota underscores the commitment of both companies to drive forward the electrification of the automotive industry and deliver sustainable solutions for environmentally-conscious consumers.

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