Honda and LG will invest $4.4 billion to produce electric batteries in the United States
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The two companies plan to launch massive production of lithium-ion batteries, essential for electric cars.
Japanese automaker Honda and South Korean LG Energy Solution announced on Monday that they would jointly invest $4.4 billion to build a electric batteries in the United States, which will exclusively supply Honda factories in the country.
Read alsoHonda: lower results in the first quarter but slightly raised forecasts
The construction site should start in early 2023, in order to allow the launch of mass production of lithium-ion batteries by the end of 2025, according to a joint press release from the two groups, which will found a dedicated joint venture. The precise location of this future factory in the United States has not yet been finalized.
30 electric models planned by 2030
Number two in the Japanese car industry, Honda has set itself the goal of becoming 100% electric by 2040 worldwide in 2021. To do this, the group announced in April that it intended to invest 5000 billion yen (37 billion euros) in the next ten years in electrification. It plans to launch 30 electric models by 2030 across all of its ranges.
In North America, one of its key markets, Honda is already allied with the American giant General Motors in electric vehicles and batteries, but this partnership is not exclusive.
Read alsoThe booming electric car in a market in crisis
The North American market for electric vehicles is rapidly expanding, increasingly encouraged by local authorities. The state of California passed legislation last week banning sales of new diesel and gasoline cars from 2035, a first in the United States, and other states across the country are expected to follow suit.
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