Toyota Inks Battery Supply Deal With LG Energy For US EV Production
Portfolio Pulse from Benzinga Neuro
Toyota Motor Corp. (NYSE:TM) has entered into a long-term agreement with LG Energy Solution for the supply of batteries for its upcoming US-assembled electric vehicles (EVs). The deal, which will take effect in 2025, will see LG Energy Solution provide Toyota with 20 GWh of battery modules annually. LG Energy Solution will invest approximately $3 billion into its facility in Michigan to establish dedicated EV battery production lines for Toyota.
October 05, 2023 | 6:52 am
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POSITIVE IMPACT
Toyota's long-term battery supply agreement with LG Energy Solution is a significant step towards its transition to the EV era. This could potentially boost investor confidence in Toyota's EV strategy.
The deal with LG Energy Solution ensures a stable supply of batteries for Toyota's upcoming EVs, which is crucial for its transition to the EV era. This could potentially attract more investors who are interested in the EV market, thus possibly driving up Toyota's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
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