South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a US joint venture. The agreement will produce batteries for Honda electric vehicles in the North American market, the two companies said on Monday (29).
The location of the factory is yet to be determined, but construction will begin in early 2023, with production of advanced lithium-ion and ion battery cells starting in late 2025.
It is likely to be near Marysville, Ohio, or Greensburg, Indiana, where Honda has large factories that produce its most popular models, such as the Accord, CR-V and Civic.
The joint venture is expected to be formed this year, with the closing of the deal subject to regulatory approval. “Our joint venture with Honda, which has a significant reputation, is another milestone in our mid- to long-term strategy to promote electrification in the fast-growing North American market,” said Youngsoo Kwon, CEO of LG Energy Solution.
The plant will produce batteries exclusively for Honda vehicles assembled in North America, including luxury brand Acura, according to a joint statement.
Source: CNN Brasil
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