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Honda, LG Energy Solution Establish Battery JV With Total Investment Of $4.4B

  • Honda Motor Co Ltd (NYSE: HMC) and LG Energy Solution (LGES) has formally established their battery joint venture (JV).

  • The JV will produce lithium-ion batteries for electric vehicles (EVs) 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.

  • The parties aim to start mass production of advanced lithium-ion battery cells by the end of 2025, with a production capacity of 40GWh.

  • Also ReadSony, Honda Unveil EV Prototype 'Afeela' With Qualcomm Technology

  • 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.

  • LGES and Honda have committed to investing $3.5 billion and creating 2,200 jobs to establish the new production facility.

  • The companies' overall investment related to the JV is projected to reach $4.4 billion.

  • Also Read: What's The Ideal Time To Charge EVs? This Toyota - WattTime Partnership Gives An Idea

  • Price Action: HMC shares are trading higher by 0.50% at $24.22 in premarket on the last check Friday.

  • Photo Via Company

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