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Toyota is in talks with LG Energy Solution for a potential partnership

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Toyota is in talks with LG Energy Solution for a potential partnership

According to foreign media reports, in the development of electric vehicles, Toyota does not seem to be as active as other major manufacturers, but they are actually making relevant investments, has launched a variety of electric and hybrid vehicles.

The latest reports from foreign media also indicate that Toyota is in talks with battery maker LG New Energy about a potential partnership.

Toyota is in talks with LG New Energy about a potential partnership, LG New Energy CEO Kwon Eung-soo revealed after a shareholder meeting on Friday local time, saying that talks between the two companies about a potential partnership, including a possible joint venture, are well underway.

Although Kwon did not reveal more details, Toyota is in talks with battery-focused LG New Energy about a potential partnership, apparently in the area of electric vehicle batteries, with LG New Energy supplying batteries to Toyota or the two companies forming a joint venture to manufacture batteries and then supplying them to Toyota for use in the electric vehicles they produce.

It is worth noting that Toyota, which is lagging behind major foreign competitors such as Tesla in the electric car market, has already made adjustments to its management, with CEO and president for nearly 14 years, Akio Toyoda, moving to the role of chairman, and Toyota’s chief brand officer and head of the Lexus brand, Koji Sato, taking over as CEO and president, with the adjustments taking effect on April 1. A foreign media report mentioned that the incoming Koji Sato has launched a new management team, and he also said he will vigorously promote the development of electric vehicles.

The new CEO is strongly promoting the development of electric vehicles, which means that Toyota will have a greater demand for the key component of the battery, and the early identification of partners is conducive to the smooth development of electric vehicles.