LG Energy Solution In Talks With Toyota For EV Battery Supply: Report

  • South Korean battery giant LG Energy Solution Ltd is reportedly in talks with Toyota Motors Corp TM for electric vehicle (EV) batteries supply.
  • LGES Chief Executive Officer Kwon Young Soo said the discussion process with Toyota has been satisfactorily going on, reported Reuters.
  • In October, LG said it plans to build a $4.4 billion battery plant joint venture with Honda Motor Co HMC.
  • The report noted that LG Energy, a supplier for Tesla Inc TSLA and General Motors Company GM, is the world’s third-ranked EV battery maker.
  • LGES had also said it would resume a halted U.S. battery project with a $5.6 billion investment in Arizona. The investment will qualify the company for U.S. federal incentives rolled out under the Inflation Reduction Act.
  • Price Action: TM shares are trading lower by 0.25% at $135.53 on the last check Friday.
  • Photo Via Company
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