Honda, LG Energy Solution Formally Establish Battery Production JV

  • Honda Motor Co Ltd HMC and LG Energy Solution disclosed in January that it has formally established the joint venture (JV) to produce lithium-ion batteries for electric vehicles (EV) produced by Honda.
  • The JV will begin construction of a new battery plant early this year with the goal of completion by the end of 2024.
  • The JV is expected to start mass production of advanced lithium-ion battery cells by the end of 2025. 
  • The plant aims to have an annual production capacity of approximately 40GWh.
  • All batteries produced by the new JV will be supplied exclusively to Honda plants in North America to power battery-electric vehicles sold in North America.
  • The new plant will be located approximately 40 miles southwest of Columbus in Fayette County, near Jeffersonville. 
  • LGES and Honda have committed to investing $3.5 billion and creating 2,200 jobs to establish the new production facility. 
  • Price Action: HMC shares are trading higher by 1.07% at $25.49 in premarket on the last check Thursday.
  • Photo Via Company
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