Pursuit Of Carbon Neutrality - Honda, GS Yuasa Establish New Battery JV Company - Honda Motor Co (NYSE:HMC)

Honda Motor Co Ltd HMC and GS Yuasa International Ltd have signed a joint venture agreement to establish a new company. The financial terms were not disclosed.
GS Yuasa is a Kyoto-based Japanese company specializing in developing and producing lead acid and lithium-ion batteries, used in automobiles, motorcycles, aerospace and defense applications.
As announced on January 23, the two companies have been discussing specifics for collaboration on high-capacity, high-output lithium-ion batteries, mainly for EVs.
Related: Honda Partners With GS Yuasa For Lithium-Ion Batteries
The new joint venture company, Honda・GS Yuasa EV Battery R&D Co Ltd., will research and develop lithium-ion batteries and battery production methods to address the rapidly growing demand for batteries.
The new company will also work to establish a supply chain for key raw materials and a highly-efficient production system for its batteries.
The JV is expected to be established and begin operation before the end of 2023.
Price Action: HMC shares closed higher by 0.19% at $27.02 on Wednesday.