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On October 17, LG Energy Solution announced that it is currently negotiating
with Toyota to supply batteries to its U.
S.
plant.
The two companies plan to sign a memorandum of understanding on the supply of
batteries for electric vehicles within the year.
LG Energy Solution believes that with the increase in demand for electric vehicles, the global demand for batteries is also increasing, and battery manufacturers have obtained a large number of orders
.
The United States is currently an important global automotive market, with a large concentration of automakers
.
The demand for EV batteries in the US market is also quite large
.
The research institute expects this demand to reach 453 GWh in 2025, a significant increase
from 64 GWh last year.
To this end, LG Energy Solution is expanding its production capacity
in the U.
S.
by building a joint venture or building its own factory.
By 2025, LG Energy Solution's annual battery production capacity in North America will reach 255GWh, enough to produce 3 million electric vehicles
with a range of more than 500 kilometers.
In August, the company agreed to jointly invest $4.
4 billion with Honda to build a battery factory
in Ohio, USA.
