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Honda LGES announces new partnership to set up EV battery production joint venture in the U.S.

Honda Motor just announced a new partnership with LG Energy Solutions — the two companies will form a joint venture in the U.S. to produce lithium-ion batteries for the North American Honda / Acura brand of all-electric models. Under the agreement, LGES and Honda Motor Co. Ltd. will jointly invest $4.4 billion and the plant will have a target annual capacity of around 40 GWh.

LGES’ latest partnership with Honda is clearly motivated by its vision for the fast-growing electric vehicle lithium battery market. By expanding its production facilities, it is expected to further strengthen its position in the industry chain.

The batteries produced at the new joint venture will also be supplied to Honda’s North American plants as a priority. Although the site has not yet been finalized, the companies aim to start production in early 2023 and mass produce advanced lithium-ion batteries in pouches by the end of 2025.

Youngsoo Kwon, CEO of LGES, said.

" This is another important milestone in our mid- to long-term strategy to promote electrification with Honda, a brand with a strong reputation in North America.

The new joint venture is committed to earning the trust and respect of our customers and is eager to lead innovation in the battery sector.

And by partnering with Honda to electrify its core business, LGES is ultimately expected to provide sustainable energy solutions to discerning end consumers."

Information map (from: LGES official website)

"Honda is working toward this goal to achieve carbon neutrality across the entire industry chain by 2050.

As part of our long-term commitment, we are committed to getting closer to customer needs and sourcing EV power cells, a key component of electric vehicles, locally.
The new energy joint venture in the U.S., in partnership with industry leader LGES, will also play a significant role in this effort."

Finally, if all goes well, the two companies are expected to form a North American joint venture within 2022. But before they can do that, they’ll have to get a series of policy clearances — including regulatory approval.

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Threza Gabriel
Threza Gabrielhttps://www.techgoing.com
Threza Gabriel is a news writer at TechGoing. TechGoing is a global tech media to brings you the latest technology stories, including smartphones, electric vehicles, smart home devices, gaming, wearable gadgets, and all tech trending.

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