- Honda Motor Co Ltd (NYSE: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.
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