NAGOYA, Japan/SEOUL -- Toyota Motor is accelerating its effort to build a new supply chain for electric-vehicle batteries, reducing its dependence on its own group. The Japanese auto giant announced on Thursday that it has signed a contract with South Korea's LG Energy Solution to supply lithium-ion batteries, which will be used for EVs that Toyota will produce in North America from 2025.
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EVs at a Toyota dealership in California. The Japanese auto giant plans to increase annual global EV sales to 1.5 million in 2026, up from 24,000 in 2022. (Photo by Ryotaro Yamada)
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