— Major South Korean battery maker LG and Japanese automaker Honda are investing $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 joint venture is to be set up this year, with the closing of the deal subject to regulatory approval. The plant will produce batteries exclusively for Honda vehicles assembled in North America, including the company's Acura luxury brand, according to a joint statement. Demand for electric vehicles is expected to grow in the U.S. and many other nations because of concerns aboutand pollution, as well as rising gas prices. All of the world's top automakers are strengthening their EV lineups.
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