Toyota to invest $1.5 billion to support LG Energy Solution's Michigan EV battery plant

Toyota Motor Corp. has invested $1.5 billion in LG Energy Solution's electric vehicle battery plant in Michigan to support operations. The move comes after General Motors Co. decided to exit the plant. The plant was one of three electric vehicle battery plants announced by GM by 2022, all of which were under its joint venture Ultium Cells. However, in October last year, GM said it would abandon the Ultium brand, but the related batteries and technology would remain.