LG Energy Solution In Talks With Toyota For EV Battery Supply: Report

South Korean battery giant LG Energy Solution Ltd is reportedly in talks with Toyota Motors Corp TM for electric vehicle (EV) batteries supply.
LGES Chief Executive Officer Kwon Young Soo said the discussion process with Toyota has been satisfactorily going on, reported Reuters.
In October, LG said it plans to build a $4.4 billion battery plant joint venture with Honda Motor Co HMC.
The report noted that LG Energy, a supplier for Tesla Inc TSLA and General Motors Company GM, is the world’s third-ranked EV battery maker.
LGES had also said it would resume a halted U.S. battery project with a $5.6 billion investment in Arizona. The investment will qualify the company for U.S. federal incentives rolled out under the Inflation Reduction Act.
Price Action: TM shares are trading lower by 0.25% at $135.53 on the last check Friday.
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