Honda, LG Energy Solution Establish Battery JV With Total Investment Of $4.4B

Honda Motor Co Ltd HMC and LG Energy Solution (LGES) has formally established their battery joint venture (JV).
The JV will produce lithium-ion batteries for electric vehicles (EVs) produced by Honda.
The JV will begin construction of a new battery plant early this year with the goal of completion by the end of 2024.
The parties aim to start mass production of advanced lithium-ion battery cells by the end of 2025, with a production capacity of 40GWh.
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All batteries produced by the new JV will be supplied exclusively to Honda plants in North America to power battery-electric vehicles sold in North America.
LGES and Honda have committed to investing $3.5 billion and creating 2,200 jobs to establish the new production facility.
The companies' overall investment related to the JV is projected to reach $4.4 billion.
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Price Action: HMC shares are trading higher by 0.50% at $24.22 in premarket on the last check Friday.
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