LG and Honda have come together for a United States-based joint venture (JV), for which they will invest a total of $4.4 billion to set up a plant to produce batteries for electric vehicles (EVs), the two companies have announced in a joint statement.
“Our joint venture with Honda is yet another milestone in our mid-to long-term strategy of promoting electrification in the fast-growing North American market,” said Youngsoo Kwon, Chief Executive of South Korean battery maker LG Energy Solution.
Meanwhile, Toshihiro Mibe, Chief Executive of Japan’s Honda, described the project as the automaker’s next step towards its target to achieve carbon neutrality for all its products, as well as the corporate activities it is involved in, by 2050.
