Honda, LG Energy Solution and Battery Joint Venture Established
Honda announced that it has established a joint venture with LG Ene in the United States.
Honda announced on the 13th that it will establish a joint venture with South Korean battery giant LG Energy Solutions in December 2022 in Ohio, USA. In 2025, it will start producing lithium-ion batteries for electric vehicles (EVs) sold in North America.
The capital is 210 million dollars (approximately 27 billion yen). It plans to increase it in stages, eventually reaching about $3.5 billion. LG Energy will invest 51% and Honda will invest 49%.
The director and chief executive officer (CEO) is LG Ene, and the director and chief operating officer (COO) is from Honda. Construction of the plant will begin in early 2023 and is expected to be completed by the end of 2024. The annual production capacity is set at 40 GWh, and all production will be supplied to Honda's North American plant.
In August 2022, Honda announced that it would build a new battery plant in the United States with LG Energy. In anticipation of the rapid spread of EVs in the U.S., Honda will establish a system for integrated production of batteries and EVs in Ohio, where Honda's main plant is located.
