As the electric vehicle market stabilizes, LG Energy Solution is reevaluating its battery supply deal with Toyota, considering feasible production shifts.
LGES's initial plan was to invest $3 billion in its Holland plant for dedicated battery manufacturing for Toyota's EVs, but current market conditions have necessitated a reevaluation.
To adapt to the evolving EV landscape, LGES is contemplating producing batteries for Toyota at one of its Ultium Cell Plants, enhancing logistical efficiency.
"This is just one of several scenarios being considered during the rebalancing (business restructuring) process and that nothing has been concretely decided yet," LGES stated.
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