— Seoul, Korea
EVmodels 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.
Supply Chains
LGES and Honda made the decision to establish the joint venture battery plant in the U.S. It’s based on the shared belief that expanding local electric vehicle production. Also ensuring the timely supply of batteries. For it 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. Because is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American mark...