Honda Motor, LG Energy To Build EV Battery Plant In Ohio

Japanese automaker Honda Motor plans to set up a new lithium-ion battery plant for electric vehicles in the United States with Korean battery supplier LG Energy Solution, according to reports.

The investment is expected to be on a scale of several hundred billion yen, the report added.

Both Honda and LG Energy Solution declined to comment when contacted.

The companies will establish a joint venture to start producing lithium-ion batteries in Ohio, where Honda's main factory is located, according to the report, adding that they are aiming to start construction in 2023 and mass-production in 2025.

LG Energy Solution, which is mainly engaged in the development of lithium-ion battery materials and next-generation batteries, also works in the EV and energy storage system (ESS) battery industries through its Energy Solution segment.

The company, which supplies EV batteries to automakers including Tesla, General Motors, and Volkswagen AG among others, has earlier signed EV battery joint ventures agreements with General Motors, Hyundai Motor and Stellantis.

Earlier this year, Honda laid out a target to roll out 30 EV models globally and produce about 2 million EVs a year by 2030.

Source: Reuters