(Reuters) -Toyota Motor and LG Energy Solution signed a supply agreement for lithium-ion battery modules for use in the Japanese automaker’s battery electric vehicles that will be assembled in the U.S., the companies said on Wednesday.
LG Energy Solution will supply Toyota with 20GWh of high-nickel NCMA battery modules annually from 2025, which will be manufactured at the South Korean company’s Michigan facility.
The battery maker will invest about $3 billion in its Michigan facility to establish new production lines for battery cells and modules exclusively for the automaker, the completion for which is expected in 2025.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Shilpi Majumdar)
