Tuesday, September 27, 2022

Honda and LG invest $4.4 billion in battery production in the United States

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Although Japan is lagging behind in the race in the production of electric vehicles, Honda has taken a big step to strengthen its place in the future of the automotive industry. Honda (with a 49% share) and LG Energy Solution (with a 51% share) are creating a new joint venture for the production of traction batteries in the USA. 4.4 billion dollars will be invested in the project, construction will begin in 2023, and will be completed by 2025.

The capacity of the enterprise is planned at the level of 40 GWh per year, which is enough to produce about 800 electric vehicles. By the way, the Japanese automaker has repeatedly claimed that it is striving for 100% production of new electric vehicles by 2040. And although progress in this direction has been slow so far, it seems that he plans to gain momentum.

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