Honda Motor Co. and LG Energy Solution announced plans Monday for a $4.4 billion investment to create a lithium-ion battery plant for electric vehicles in the U.S.
In a statement announcing the jv, the firms said construction is defined to begin with in early 2023 and mass production of the batteries is scheduled to begin with by the finish of 2025, having an annual production capacity around 40GWh. A spot have not yet been finalized.
The offer is just one more milestone inside our mid- to long-term strategy of promoting electrification in the fast-growing UNITED STATES market, Youngsoo Kwon, CEO of LG Energy, said in a statement.
Aligned with this longstanding commitment to create products near to the customer, Honda is focused on the neighborhood procurement of EV batteries that is a critical element of EVs, added Toshihiro Mibe, Hondas president and CEO.