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: Honda, LG Energy announce $4.4 billion intend to build EV battery factory in U.S.

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.

Honda HMC, -0.49% 7267, -1.85% and LG Energy 373220, +0.11% said the plant will put them in the very best position to capitalize on the expanding EV market in THE UNITED STATES.

Also see: California bans the sale of new gasoline cars by 2035

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.

The move is section of a wider effort to improve the production of EV batteries in the U.S. Lately, new battery factories have already been announced in Indiana, Kansas and Michigan.

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