LG, Honda to set up U.S. joint venture to make EV batteries

  • 📰 CTVCalgary
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 68%

Energy Energy Headlines News

Energy Energy Latest News,Energy Energy Headlines

Major South Korean battery maker LG and Japanese automaker Honda are investing US$4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, the two companies said Monday.

The plant's site is still undecided, but construction will begin in early 2023, with mass production of advanced lithium-ion battery cells to start by the end of 2025, they said.

"Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid-to-long-term strategy of promoting electrification in the fast-growing North American market," said LG Energy Solution Chief Executive Youngsoo Kwon. LG, a leading manufacturer of lithium-ion batteries for electric vehicles and power systems, already makes them in joint ventures with U.S. automakers General Motors and Ford Motor Co., as well as South Korea's Hyundai Motor Group.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

a bit late, but ok. Canadian Governments across the country should be considering incentives for those businesses. Divorce between Automakers and Petroleum Companies is Happening.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 26. in ENERGY

Energy Energy Latest News, Energy Energy Headlines