South Korean battery maker LG Energy Solution (LGES) plans to build a battery joint venture (JV) with Japan’s Honda Motor Co Ltd in the United States, South Korea’s Maeil Business Newspaper said on Friday, citing an unnamed industry source.
The potential battery JV between LGES and Honda could cost as much as 4 trillion won ($3.4 billion) and have an annual production capacity of up to 40 gigawatt hours (GWh) of batteries, enough to power 600,000 electric vehicles (EVs), the newspaper reported. The report did not have details, such as the timeline of when the JV would be built and begin operations.
LGES, LG Chem Ltd’s battery subsidiary, commands more than 20% of the global EV battery market and supplies Tesla Inc, General Motors Co and Volkswagen AG among others.
