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agosto 29, 2022 - Honda Corporate

LG Energy Solution and Honda to Form Joint Venture for EV Battery Production in the U.S.

Comunicato Stampa disponibile solo in lingua originale. 

Seoul, Korea, August 29, 2022#lgenergysolution (LGES; KRX: 373220) and #honda Motor Co., Ltd. (NYSE:HMC) today announced an #agreement to establish a joint venture (JV) company to produce lithium-ion #batteries in the U.S. to power #honda and Acura #ev models for the North American market.

With this #agreement, LGES and #honda will invest a total of USD $4.4 billion and establish a new JV plant in the U.S. The plant aims to have an annual production capacity of approximately 40GWh.

The pouch-type #batteries produced at the new JV plant will be supplied exclusively to #honda facilities in North America. While the location for the joint venture plant is yet to be finalized, based on Honda’s plans for #ev production in North America, the two companies aim to begin construction in early 2023, in order to enable the start of mass production of advanced lithium-ion battery cells by the end of 2025.

LGES and #honda made the decision to establish the joint venture battery plant in the U.S., based on the shared belief that expanding local electric vehicle production and ensuring the timely supply of #batteries would put them in the best position to target the rapidly-growing North American #ev market.

"Our joint venture with #honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market," said #youngsookwon, CEO of #lgenergysolution. “Since our ultimate goal is to earn our valued customers’ trust and respect, we aspire to position ourselves as a leading battery innovator, working with #honda in achieving its core initiatives for electrification, as well as providing sustainable energy solutions to discerning end consumers.”

“Honda is working toward our target to realize carbon neutrality for all products and #corporate activities the company is involved in by 2050,” said #toshihiromibe, President, CEO and Representative Director of #honda Motor Co., Ltd. “Aligned with our longstanding commitment to build products close to the customer, #honda is committed to the local procurement of #ev #batteries which is a critical component of EVs. This initiative in the U.S. with LGES, the leading global battery manufacturer, will be part of such a #honda approach.”

The joint venture is scheduled to be established in 2022. The closing is subject to customary closing conditions, including regulatory approvals.

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