Honda Motor Company and LG Energy Solutions have announced an agreement to establish a joint venture company to produce lithium-ion batteries in the U.S.A to power all-electric cars from Honda and Acura.
Honda and LG will invest a total of $6.1 billion and establish a new joint venture plant in the U.S.A. Annual production capacity of approximately 40Gwh is the current goal. The two companies aim to start construction of the plant in early 2023 in order to enable mass production of batteries by end 2025.
Both companies are anticipating rapid growth of EV adoption in the North American EV market The decision to establish the joint venture battery plant in the U.S.A was based on the shared belief that expanding local electric vehicle production and ensuring the timely supply of batteries would put them in the best position to target the rapidly growing North American electric vehicle market.
The joint venture is scheduled to be established in 2022.
Honda and LG will invest a total of $6.1 billion and establish a new joint venture plant in the U.S.A. Annual production capacity of approximately 40Gwh is the current goal. The two companies aim to start construction of the plant in early 2023 in order to enable mass production of batteries by end 2025.
The joint venture is scheduled to be established in 2022.
