Honda, LG Energy Eye US EV Battery Factory Fueled By Robust Demand

Honda Motor Company, Ltd (NYSE:HMC) and LG Energy Solution Ltd look to build a $4.4 billion electric-vehicle battery factory in the U.S.
They aim to build the factory in Ohio, the Wall Street Journal reports.
The parties plan to begin construction of the factory early next year and commercialize it by the end of 2025.
The factory looks to have an annual production capacity of about 40 gigawatt-hours and will supply its output exclusively to Honda facilities in North America.
Tesla Inc (NASDAQ: TSLA) supplier Panasonic Holdings Corp (OTC: PCRFY) discussed building an additional $4 billion EV battery plant in the U.S.
EV makers, including Tesla, boosted production volume and sought more batteries from suppliers to reduce long wait times for many popular EV models.
General Motors Co (NYSE: GM) and LG collaborated to build a fourth U.S. battery cell manufacturing plant in Indiana.
With battery prices surging on the back of rising demand and skyrocketing raw material costs, more inter-industry partnerships are likely to form over the next few years, the report cited S&P Global Ratings.
Automakers consolidated ties with the three biggest battery makers, China’s Contemporary Amperex Technology Co, LG Energy, and Japan’s Panasonic.
Price Action: HMC shares closed lower by 2.55% at $26.34 on Friday.
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