LG Chem to supply cathode active materials to PPES in Japan
LG Chem will supply the PPES plant in Japan with CAM from 2026. LG Chem has not provided information on the delivery volume. The deal is part of a larger expansion strategy whereby LG Chem will join forces with the PPES EV battery strategy.
The joint venture between Toyota and Panasonic launched in 2020. Since then, PPES has grown rapidly with its third battery plant in China announced in 2022. The Toyota joint venture is carrying the carmaker’s international EV ambitions. Also in 2022, Toyota decided to invest up to 730 billion yen (approximately $5.6 billion) in battery production for battery electric vehicles in Japan, and the US, which should start between 2024 and 2026.
This investment included 325 billion yen (about $2.5 billion) into the US battery plant in North Carolina with PPES announced in 2021 to boost production, up from a previously announced investment of $1.29 billion originally planned for the US plant.
“Securing the cathode materials supply for PPES is a significant milestone,” said Shin Hak-cheol, CEO of LG Chem. “With our unique product and process technologies and competitive supply chain, we aim to continue forging global collaborations.”
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