Honda Motor Co. and LG Energy Solution have partnered to build a new lithium-ion battery plant worth 4.4 billion dollars for electric vehicles in the United States. Both companies are looking to increase production in the United States, where a shift towards electric vehicles (EVs) can increase as the country is implementing strict regulation and tightening eligibility for tax credit.
The companies said that the location of the plant has not been finalized, but the people familiar with the matter said Honda is seriously considering Ohio, where the main US factory of Honda Motors Co. is located.
Honda and LG Energy Solution are aiming for an annual production capacity of around 40 gigawatt hours with the batteries that are supplied exclusively to the facilities of Honda in North America to power Acura and Honda electric vehicle models.
With this partnership, the companies are expected to establish a joint venture before building the battery plant, with the beginning of the construction planned for 2023, and mass production by the end of 2025.
Mike DeWine, governor of Ohio, said that his administration is currently working with LG and Honda to make sure that they have chosen Ohio for the new electric battery plant.
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