(TOKYO) South Korean company LG Energy Solutions will invest about three billion dollars in its Michigan factory to supply batteries for Toyota electric vehicles made in the United States from 2025, according to a press release issued on Wednesday.
The partnership will “support Toyota’s growing range of battery electric vehicles as part of its multimodel product strategy,” the Japanese manufacturer commented in its press release.
The group plans to offer 30 models of electric vehicles worldwide for its Toyota and Lexus brands and plans to produce 3.5 million units a year by 2030.
Toyota was slow to get serious about all-electric, but is now working hard to catch current world leaders in the highly buoyant segment, America’s Tesla and China’s BYD.
LG Energy is increasing its partnerships in the electric sector with automobile manufacturers in the United States: it is working on building a battery factory in the country with compatriot Hyundai, which will start in late 2025, and has joined forces. with Japanese Honda in North America.
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