"Inflation drew up investment amounts and labor costs have gone up for various reasons. Things are tough. The IRA tax credit is big, and it gets offset in the U.S. market. That's why we are investing, building factories and supplying in the U.S.," LG Energy Solution CEO Youngsoo Kwon said in an exclusive interview.
"So now we have nine of the 10 top automakers as our clients," said Kwon, adding that LG Energy Solution will supply Toyota with 20 gigawatts worth of batteries every year from 2025.Asia's edge isn't just cheap labor, whether it's China, India or Japan, KKR says "Inflation drew up investment amounts and labor costs have gone up for various reasons. Things are tough. The IRA tax credit is big, and it gets offset in the U.S. market. That's why we are investing, building factories and supplying in the U.S.," said Kwon.
The Japanese car maker aims to offer 30 battery-electric vehicle models across its Toyota and Lexus brands and produce up to 3.5 million BEVs annually by 2030.EV battery producer after Chinese EV player BYD, according to data from South Korean energy market research firm SNE Research."It's essentially a competition between Chinese and Korean companies, though we have Japan's Panasonic too.