LG Energy Solution and Honda Motor announced the formal establishment of the joint venture which will produce lithium-ion batteries for electric vehicles produced by Honda. The JV will begin construction of a new battery plant early this year with the goal of completion by the end of 2024 and starting mass production of advanced lithium-ion battery cells by the end of 2025. The plant aims to have an annual production capacity of approximately 40GWh. All batteries produced by the new JV will be supplied exclusively to Honda plants in North America to power battery-electric vehicles sold in North America. The new plant will be located approximately 40 miles southwest of Columbus in Fayette County, near Jeffersonville. LGES and Honda have committed to investing $3.5B and creating 2,200 jobs to establish the new production facility. The companies’ overall investment related to the JV is projected to reach $4.4B.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on HMC:
- Sony Honda Mobility unveil ‘Afeela’ electric vehicle brand
- Honda reports December U.S. sales down 10.7% to 93,843 units
- Honda to recall 200K hybrid cars in China, Reuters reports
- Wyden seeks information from carmakers on Chinese supply chains, CNBC reports
- EU passenger car registrations up 16.3% in November