LG Energy Solution and Honda Motor Co. have established a joint venture that will produce lithium-ion batteries for electric vehicles (EV) produced by Honda.
The JV will begin construction of a new battery plant this year, located in Ohio, with a planned annual production capacity of 40 gigawatt hours. The goal is to reach completion by the end of 2024 and begin mass-producing advanced lithium-ion battery cells by the end of 2025. 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.
LGES and Honda have committed to investing $3.5 billion to establish the new production facility. The companies are expected to invest a total of $4.4 billion in relation to the joint venture.
“The formal establishment of this joint venture between LG Energy Solution and Honda to produce EV batteries in Ohio is another major step toward our electrified future,” said Rick Riggle