- South Korean battery giant LG Energy Solution Ltd is reportedly in talks with Toyota Motors Corp (NYSE: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 (NYSE:HMC).
- The report noted that LG Energy, a supplier for Tesla Inc (NASDAQ:TSLA) and General Motors Company (NYSE: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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