LG Power Answer and Honda have agreed to determine a three way partnership to supply lithium-ion batteries within the US to energy Honda and Acura EV fashions for the North American market.
The 2 firms will make investments a complete of $4.4 billion to determine a brand new US plant that may finally have an annual manufacturing capability of roughly 40 GWh price of batteries.
The pouch-type batteries produced on the new JV plant shall be equipped completely to Honda services in North America. The situation for the plant is but to be finalized. The 2 firms purpose to start development in early 2023, with a view to allow the beginning of mass manufacturing of battery cells by the top of 2025.
“Our three way partnership with Honda is yet one more milestone in our mid- to long-term technique of selling electrification within the fast-growing North American market,” mentioned Youngsoo Kwon, CEO of LG Power Answer. “We aspire to place ourselves as a number one battery innovator, working with Honda in attaining its core initiatives for electrification.”
“Honda is working towards our goal to comprehend carbon neutrality for all merchandise and company actions the corporate is concerned in by 2050,” mentioned Honda CEO Toshihiro Mibe. “Aligned with our longstanding dedication to construct merchandise near the client, Honda is dedicated to the native procurement of EV batteries.”