LG Energy Solution, Honda to establish battery plant in the US
The companies LG and Honda will invest a total of $4.4 billion and establish a new joint venture plant in the United States. The plant is targeted to have an annual production capacity of approximately 40 gigawatt hours.
- Economy
- DPA
- Published Date: 12:57 | 29 August 2022
- Modified Date: 01:05 | 29 August 2022
LG Energy Solution and Honda Motor Co., Ltd. have reached an agreement to establish a joint venture company to produce lithium-ion batteries in the United States to power electric Honda and Acura models for the North American market.
The companies will invest a total of $4.4 billion and establish a new joint venture plant in the United States.
The plant is targeted to have an annual production capacity of approximately 40 gigawatt hours.
The joint venture is expected to be established this year. The companies plan to begin construction in early 2023, in order to enable the start of mass production of advanced lithium-ion battery cells by the end of 2025.
LG Energy Solution, a split-off from LG Chem, is a global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems.