Shulou(Shulou.com)11/24 Report--

CTOnews.com, October 17 (Xinhua)-- LG New Energy Solutions will supply electric car batteries to Japan's Toyota, the world's largest company in car sales. The South Korean battery maker also signed a battery supply agreement with Japan's Honda earlier this year.

LG New Energy Solutions is in talks with Toyota over the supply of batteries from its US plants to Toyota's US plants. The two sides plan to sign a memorandum of understanding on battery supply within this year.

As a result, LG New Energy Solutions will provide batteries to nine of the world's top ten automakers. They are Volkswagen, Renault Nissan, Hyundai, Kia, Steelantes, General Motors, Ford, BMW and Honda.

CTOnews.com learned that in August this year, LG New Energy Solutions reached an agreement with Honda to build a joint battery plant in Ohio through a total investment of 5.1 trillion won (about 25.5 billion yuan).

With the implementation of the inflation reduction Act (IRA) in the United States, ensuring locally produced batteries has become a must for carmakers. According to market research firm SNE Research, the US electric vehicle battery market is expected to grow rapidly from 64GWh in 2021 to 143G Whfield in 2023 and reach 453GWh in 2025. Its average annual growth rate is expected to reach 63%.

LG New Energy Solutions will invest more than 20 trillion won (about 100 billion yuan) to expand its production capacity in North America. It plans to co-operate battery plants with General Motors and Stellantis, or run its own. The production capacity of LG new energy solutions in North America will reach 255GWh by 2025. This number can be used to produce more than 3 million high-performance pure electric vehicles, which can travel more than 500 kilometers on a single charge.

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