https://www.reuters.com/business/autos-transportation/toyota-lg-e...

https://www.reuters.com/business/autos-transportation/toyota-lg-energy-sign-battery-supply-agreement-power-evs-2023-10-04/

Oct 4 (Reuters) - Toyota Motor (7203.T) and LG Energy Solution (373220.KS) signed a supply agreement for lithium-ion batteries for use in the Japanese automaker's U.S.-built electric vehicles starting in 2025, the companies said on Wednesday.

The Toyota-LGES announcement caps a tidal wave of investments in new EV battery plants in North America, spurred by the U.S. Inflation Reduction Act. The IRA and other U.S. legislation provide incentives aimed at boosting domestic production of EVs, batteries and raw materials

in the first U.S.

LGES also is a partner with General Motors (GM.N) in the Ultium battery joint venture, which is building a separate $2.1 billion plant in Lansing, Michigan to supply GM's electric vehicles.

The agreement with Toyota means LGES now will supply batteries to five top automakers, including Stellantis (STLAM.MI), Hyundai (011760.KS) and Honda (7267.T), from its eight jointly operated and wholly owned North American plants.