South Korean battery maker LG and Japanese automaker Honda are joining hands for a $4.4 billion joint venture in USA to produce Lithium-ion battery Honda electric vehicles as announced by the two companied.
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Location of the plant is not yet decided.Construction will begin in 2023 and mass production in 2025.
“Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” as per LG Energy Solution Chief Executive Youngsoo Kwon.
“Honda is working toward our target to realize carbon neutrality for all products and corporate activities the company is involved in by 2050,” announced Honda Chief Executive Toshihiro Mibe.
Honda is working seriously towards electric vehicle development with partners like GM.
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