LG New Energy plans to supply batteries for electric vehicles to Toyota

On October 17, LG New Energy announced that it was currently negotiating with Toyota to supply batteries to American factories. The two sides plan to sign a memorandum of understanding on electric vehicle battery supply within the year.

LG New Energy believes that with the increase in the demand for electric vehicles, the global demand for batteries is also increasing, and battery manufacturers have therefore received a large number of orders. The United States is currently an important global automobile market, with many automobile manufacturers concentrated. The demand for electric vehicle batteries in the US market is also huge. The research institute predicts that the demand will reach 453GWh in 2025, a significant increase over last year's 64GWh.

To this end, LG New Energy is expanding its production capacity in the United States through joint venture or independent factory building. By 2025, the annual battery capacity of LG New Energy in North America will reach 255GWh, enough to produce 3 million electric vehicles with a range of more than 500 kilometers. In August, the company agreed to invest $4.4 billion with Honda to build a battery factory in Ohio, USA.