Home » Economy » Honda, LG Energy teaming to build $4.4B EV battery plant in US
Honda, LG Energy teaming to build $4.4B EV battery plant in US
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Honda Motor Co. and LG Energy Solution will invest $4.4 billion through a joint venture to establish a new lithium-ion battery factory in the U.S. to power Honda and Acura electric vehicle models.
The plant, which will aim to have an annual production capacity of approximately 40 gigawatt hours, is expected to begin construction in early 2023 with the goal of mass-producing advanced lithium-ion battery cells by the end of 2025. The pouch-type batteries produced at the new JV plant will be supplied exclusively to Honda facilities in North America.
Though the official location for the plant has not been finalized, the companies are considering Ohio, according to Nikkei.
A representative for Honda did not immediately return FOX Business' request for comment.
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The joint venture, which is scheduled to be established in 2022, is subject to customary closing conditions, including regulatory approvals.