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LG, Honda to set up US joint venture to make EV batteries

Japan Honda LG
Posted at 12:05 PM, Aug 29, 2022
and last updated 2022-08-29 12:05:41-04

TOKYO  — Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture to produce batteries for Honda electric vehicles in the North American market.

They say the plant’s U.S. site is still undecided.

Construction is to begin in early 2023, with mass production of advanced lithium-ion battery cells to start by the end of 2025.

The closing of the deal is subject to regulatory approval.

They say the plant will produce batteries exclusively for Honda vehicles assembled in North America, including the company’s Acura luxury brand.