Daily Management Review

LG, Honda to invest in U.S. electric vehicle batteries factories


LG and Honda have committed $4.4 billion to the US production of electric vehicle batteries.

In a joint message, LG Energy Solution (LGES) and Honda Motor Co. announced their agreement to invest $4.4 billion in the American production of batteries for electric vehicles.

LG Energy Solution (LGES) and Honda Motor Co also announced establishment of a joint venture (JV) to produce lithium-ion batteries in the US for use in Honda and Acura EV (electric vehicle) models for the North American market.

The firms will invest a total of $4.4 billion and construct a plant in the US as per conditions of the agreement. According to the article, the company will be established in 2022, construction will begin in 2023, and mass production will commence by the end of 2025.

source: cnbc.com