+
LG Energy to Invest $3 Billion to Expand its Battery Manu
POWER & RENEWABLE ENERGY

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

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.

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.

Next Story
Infrastructure Urban

India to Invest Rs 600 Billion to Upgrade 1,000 ITIs

As part of its drive to modernise vocational training, the Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Gujarat’s Labour and Employment Department, held a State-Level Workshop at the NAMTECH Campus within IIT-Gandhinagar to discuss the National Scheme for ITI Upgradation.The consultation brought together key stakeholders from industry and the training ecosystem to align expectations and support implementation of the scheme, which aims to transform 1,000 Industrial Training Institutes (ITIs) across India using a hub-and-spoke model. The total outlay stands ..

Next Story
Infrastructure Urban

India Unveils Rs 600 Billion Maritime Finance Push

The Ministry of Ports, Shipping & Waterways (MoPSW) hosted the Maritime Financing Summit 2025 in New Delhi, bringing together over 250 stakeholders including policymakers, industry leaders, global investors, and financial institutions. The summit, held under the ambit of Maritime Amrit Kaal Vision (MAKV) 2047, focused on transforming India into a leading maritime power with strengthened financial, infrastructural, and technological capabilities.Union Minister Sarbananda Sonowal emphasised India's strategic progress, noting that average port turnaround times have dropped from four days to u..

Next Story
Infrastructure Urban

Govt Allocates Rs 500 Million To Boost Community Radio

The Central Government, through its ‘Supporting Community Radio Movement in India’ scheme, has allocated Rs 500 million to strengthen the community radio ecosystem across the country. The initiative aims to assist both newly established and long-operational Community Radio Stations (CRSs), ensuring their relevance to local educational, social, cultural, and developmental needs.According to the policy published by the Ministry of Information and Broadcasting, CRSs may be set up by not-for-profit organisations with at least three years of demonstrated community service. These stations are ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?