At the end of August, Honda and LG Energy Solution already wrote in a statement that they would enter into a partnership. Now more details about the partnership have been revealed.
New joint battery factory; Image: NYTimes
Honda and LG are teaming up to build a new factory in Ohio for $4.4 billion. The factory will create 2,200 jobs and target 40 GWh of production capacity, according to Honda. Mass production of the lithium-ion batteries will take place in 2025. LG will also get a big benefit from it.
The factory will be used to produce batteries, which will be developed by LG. Honda already has plans to start production of electric vehicles in North America by 2026. Through sales of the batteries, LG can also profit from this. By 2040, Honda should generate its sales only through electric vehicles.
