LG Energy Solution, the South Korean battery giant, is reportedly in talks with Toyota to supply electric vehicle (EV) batteries, according to LGES CEO Kwon Young Soo. The negotiations have been progressing well, and the companies are discussing the way of cooperation.
“We are discussing the way of cooperation,” Kwon said during a recent press conference after LGES’ annual shareholders meeting. This news comes after LGES announced a joint venture $4.4 billion battery plant with Honda in Ohio last October, further solidifying its position as the world’s third-ranked EV battery maker.
LGES already has joint battery plants with General Motors, Stellantis, and Honda in North America, and production sites in South Korea, China, Poland, and Indonesia. In addition to these ventures, the company also plans to resume a stalled U.S battery project with a $5.6 billion investment in Arizona, in order to qualify for U.S federal incentives under the Inflation Reduction Act.
As the global EV market continues to grow, battery manufacturers such as LG Energy Solution are in high demand. With a proven track record of supplying batteries to some of the world’s largest automakers, LGES is well-positioned to benefit from the industry’s expansion. As Kwon noted during the press conference, “We are confident that we will maintain our leading position in the EV battery market.”
