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Investing.com -- Toyota Motor (NYSE:TM) Corp. has decided to redirect a $1.5 billion order to LG Energy Solution, to enhance the operations of a battery factory in Michigan, according to Bloomberg News. This decision comes after General Motors (NYSE:GM) withdrew from the project, as per sources close to the matter.
In December, GM announced its intention to sell its $1 billion stake in the Lansing, Michigan, facility. This left LG in a position where they had to seek new customers. Toyota stepped in and agreed to move an existing order from another LG factory in Michigan to the Lansing facility. This transfer is expected to occur once LG fully takes over the Lansing plant, anticipated to happen this spring, confirmed by Toyota. The purchase order, which is being moved, is valued at $1.5 billion, according to individuals familiar with the transaction who were not authorized to speak publicly.
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