Toyota affiliate invests in LG Chem plant for cathode partnership

LG Chem, Korea's leading chemical company, said Tuesday a Toyota Group affiliate has acquired a 25 percent stake in its cathode plant to bolster their global battery materials partnership. Toyota Tsusho Corp., the trading arm of Toyota Group, purchased the stake in LG-HY BCM, LG Chem's cathode materials plant in Gumi, 230 kilometers south of Seoul, to strengthen their competitiveness in the cathode materials market, LG Chem said in a press release. Under the partnership, Toyota Tsusho, now the second-largest shareholder, plans to supply a portion of the cathode active materials produced at the Gumi plant primarily to battery manufacturing customers in North America, the company said. LG Chem said it aims to accelerate its cathode materials strategy by leveraging its globally competitive products and strong industry partnerships. "Toyota Tsusho's equity participation marks a pivotal turning point as LG Chem strengthens its cathode supply competitiveness under the U.S. IRA framework," LG Chem Chief Executive Officer (CEO) Shin Hak-cheol said. The U.S. Inflation Reduction Act (IRA) requiresWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times