Honda Motor, LG Energy to build EV battery plant in US
Japan’s Honda Motor Co will set up a new lithium-ion battery plant for electric vehicles in the United States with Korean battery supplier LG Energy Solution Ltd, the two companies said.
Battery makers are looking to increase production in the where a shift toward electric vehicles (EV) could increase as the country implements stricter regulation and tightens tax credit eligibility.
The investment will be $4.4 billion, the two companies said in a statement, aiming for annual production capacity of approximately 40 GWh with the batteries supplied exclusively to Honda facilities in North America to power Honda and Acura EV models.
