(Bloomberg) -- South Korean battery maker LG Energy Solution Ltd. will invest around 4 trillion won ($3 billion) expanding its Michigan plant after signing a deal to supply power packs to Toyota Motor Corp.
LG Energy will supply Toyota 20 gigawatt hours of high nickel-cobalt-manganese-aluminum battery modules annually from 2025, the companies said in a statement.
Toyota will use the batteries in electric vehicles assembled at its Kentucky plant, including a new model in 2025. The world’s biggest automaker plans to offer 30 battery electric cars across its Toyota and Lexus brands and produce up to 3.5 million EVs a year by 2030.
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