Honda Motor Co. and LG Energy Solutions announced Monday plans to invest $4.4 billion to build a lithium-ion battery plant for electric vehicles in the US.
In a statement announcing the joint venture, the companies said construction would begin in early 2023 and mass production of the batteries would begin in 2023. He said that it will start at the end of 2025 and the annual production capacity is around 40GWh. A place is not yet finished.
Honda HMC
7267,
and LG Energy 373220;
He said the plant would better position them to take advantage of the expanding EV market in North America.
See also: California It has banned the sale of new petrol cars by 2035.
“The agreement is another milestone in our medium-to-long-term strategy for electrification in the fast-growing North American market,” LG Energy CEO Yangsoo Kwon said in a statement.
Honda President and CEO Toshihiro Mibe added, “In line with our long-standing commitment to building products that are close to the customer, Honda is committed to domestic procurement of EV batteries, which are a critical component of EVs.
The move is part of a broader effort to boost production of EV batteries in the U.S. New battery plants have been announced in Indiana, Kansas and Michigan in recent months.