Sources say Toyota is in talks with LG New Energy on potential cooperation, including a joint venture

According to foreign media reports, although Toyota does not seem to be as active as other big companies in the development of electric vehicles, they are actually making related investments and have launched a number of electric vehicles and hybrid vehicles.

The latest foreign media reports also show that Toyota is negotiating a potential cooperation with battery maker LG New Energy.

Toyota is in talks with LG New Energy about potential cooperation, which was revealed by LG New Energy's CEO Quan Shou after a shareholders' meeting on Friday local time, he said the negotiations between the two companies on potential cooperation were proceeding smoothly, including a possible joint venture.

Although Quan Longshou did not give further details, Toyota is in talks with battery-focused LG New Energy about a potential partnership, apparently in electric vehicles, where LG New Energy supplies batteries to Toyota, or a joint venture to make batteries that will supply Toyota for the electric vehicles they produce.

It is worth noting that Toyota, which lags behind major foreign competitors such as Tesla in the electric vehicle market, has adjusted its management. Akio Toyoda, who has been CEO and president for nearly 14 years, will become chairman, and Toyota's chief brand officer and head of Lexus brand Hiroji Sato will take over as CEO and president, and the relevant adjustments will take effect on April 1. Some foreign media reported that the incoming Sato Hiroji has launched a new management team, he also said that he will vigorously promote the development of electric vehicles.

The new CEO vigorously promotes the development of electric vehicles, which means that Toyota will have a greater demand for batteries, a key component. Identifying partners as soon as possible is conducive to the smooth development of electric vehicles.