LG Chem to Supply Cathode Materials Worth 2.8 Trillion KRW to Toyota

LG Chem will supply cathode materials for Toyota, the world's No. 1 automobile company, in its North American in-house battery production project.

LG Chem announced that it has signed a long-term supply contract worth 2.8 trillion KRW for cathode materials with TEMA (Toyota Motor Engineering & Manufacturing North America), Toyota Motor's North American production and technology subsidiary. The contract period extends until 2030.

Toyota has announced an electrification plan to invest 8 trillion yen (approximately 72 trillion KRW) by 2030 to produce 30 types of electric vehicles and in-house batteries, aiming to sell 3.5 million electric vehicles annually.

LG Chem plans to manufacture and supply cathode materials that meet the requirements of the U.S. Inflation Reduction Act (IRA) and to build a long-term cooperative relationship with Toyota in the future.

Shin Hak-cheol, Vice Chairman of LG Chem, stated, "We will expand cooperation with Toyota to provide high quality and reliability to North American electric vehicle customers," adding, "Based on a stable supply chain that responds to the global market, we will solidify our position as a leading comprehensive battery materials company."

This content was produced with the assistance of AI translation services.