LG Energy Solutions and Honda, a Japanese automaker, have decided to build a joint battery plant in the United States.
LG Energy Solutions held a ceremony to establish a joint venture with Honda in Seoul and announced that it has decided to invest a total of $4.4 billion in the future to have a 40GWh (gigawatt hour) battery production capacity in the United States.
Construction of the plant will start in the first half of next year and full-scale production of products is planned from the end of 2025.
The batteries produced are applied to Honda’s electric vehicle models.
The establishment of this joint venture is the first strategic cooperation case between a Korean battery maker and a Japanese automaker, and is interpreted as a move to target the fast-growing North American electric vehicle market.
LG Energy Solutions has invested more than KRW 20 trillion to build battery factories in North America, and is currently promoting the construction of three joint ventures with GM and one with Stellantis.
Honda holds the 6th largest market share in the North American automobile market and has set a goal of selling 2 million electric vehicles to the global market by 2030.
YTN Park Hong-gu ([email protected])
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