- Honda Motor Company, Ltd 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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