New contract In the middle of October 2023, there was the news between Toyota and LG Chem. Toyota has signed a KRW 2.9 trillion ($2.2 billion) contract with LG Chem […]
In the middle of October 2023, there was the news between Toyota and LG Chem. Toyota has signed a KRW 2.9 trillion ($2.2 billion) contract with LG Chem to supply cathode material to its North American operations. As we know, Toyota is the largest Japanese company in terms of its sales revenue and market capitalization. In addition, Toyota is the best automotive company to sell its vehicles in the world from 2020 to 2022. Therefore, its presence is huge not only in Japan but also across the globe.
On the other hand, LG Chem Ltd., often referred to as LG Chemical, is the largest Korean chemical company. The company was the 9th largest chemical company in the world by sales in 2021. It is now solely a business-to-business company and the parent company of LG Energy Solution. LG Energy Solution Ltd. is a battery company. The company is one of the largest battery makers in the world alongside CATL, Panasonic, SK Innovation, and Samsung SDI.
Therefore, the news means that LG Chem will supply its materials to Toyota as well as LG Energy Solution.
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