Honda and LG Energy Solution have announced a joint venture agreement for the production of lithium-ion batteries in the United States, destined for Honda and Acura vehicles to be sold in the North American market. Through this agreement, Honda and LG will invest US$4.4 billion for the upcoming battery plant in the US, which will have an annual production capacity of 40 GWh.
The batteries to be produced at the joint venture plant in the United States will be pouch-type batteries which will be supplied exclusively to Honda plants in North America, and construction of the plant is scheduled to begin early next year to enable the start of mass production of the advanced lithium-ion battery cells by the end of 2025, said Honda. The location of the battery plant has yet to be finalised.
“Aligned with our longstanding commitment to build products close to the customer, Honda is committed to the local procurement of EV batteries which is a critical component of EVs. This initiative in the US with LGES will be part of such a Honda approach,” said Honda CEO and president Toshihiro Mibe.
“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.
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