Toyota in talks with LG New Energy for potential partnership, including a joint venture

Toyota Motor is said to be in negotiations with LG New Energy for a potential cooperation, including the possibility of a joint venture. This news comes as Toyota adjusts its management and increases its focus on electric vehicles.

Negotiations progressing smoothly

LG New Energy CEO Kwon Young-soo revealed the potential partnership after the shareholders meeting on Friday, stating that negotiations between the two companies are progressing smoothly. While no specific details have been disclosed, it is likely that LG New Energy will supply batteries to Toyota or establish a manufacturing agreement, with the joint venture company supplying batteries for Toyota's electric vehicles.

Toyota's increased focus on electric vehicles

Although Toyota has lagged behind other major manufacturers in the electric vehicle market, the company has made investments and launched a range of electric and hybrid vehicles. With the appointment of new CEO Koji Sato, Toyota's management is set to adjust and focus more heavily on the development of electric vehicles.

The incoming CEO has reportedly launched a new management team and plans to vigorously promote the development of electric vehicles. This increased focus on electric vehicles means that Toyota will have greater demand for batteries, and identifying partners such as LG New Energy as soon as possible is crucial for the smooth development of these vehicles.

Implications for the partnership

The potential partnership between Toyota and LG New Energy could have significant implications for both companies. LG New Energy, which is already a major player in the battery market, could benefit from the increased demand for batteries from Toyota. For Toyota, partnering with a leading battery manufacturer could help the company to compete more effectively in the electric vehicle market and meet the growing demand for these vehicles.