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.
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