Toyota Motor (TM) agreed to shift a $1.5 billion order with LG Energy Solution to boost operations at a Lansing, Michigan, plant after General Motors (GM) walked away from the project, Bloomberg reported Tuesday, citing people familiar with the matter.
In December, GM said it would sell its $1 billion stake in the plant, which left LG searching for new customers. Toyota will transfer an existing order from another Michigan LG plant when LG fully acquires the Lansing facility, which is expected in the spring, according to the report.
Toyota and LG didn't immediately reply to requests for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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