Thursday, July 7, 2022
News Honda and LG Energy Solution are working on a joint venture to...

Honda and LG Energy Solution are working on a joint venture to build Batteries in the US

Honda and LG are working on a joint venture to build electric vehicle batteries in the United States

  • Honda is late to the game in terms of electric vehicles

  • LG already supplies manufacturers such as Tesla, Volkswagen and GM

  • Honda will use GM’s Ultium batteries, which are also built by LG

Honda currently has no electric vehicle for sale in North America and only two hybrid models in Canada, making it late to the EV game in this part of the world.

In order to remedy this, the Japanese automaker is planning a joint venture with LG Energy Solution in order to build electric vehicle batteries in a new American factory.

LG has already committed to invest up to $4.7 billion in North America by 2024 in order to increase its production capacity on the continent up to 160 GWh. This investment includes three new factories, two built with GM and one built with Stellantis.

The battery manufacturer is already engaged in partnerships with other automakers, since it is a major supplier to many automakers such as Tesla, Volkswagen and General Motors and it accounts for more than 20 percent of the global EV battery market.

This last partnership is important because Honda will use General Motor’s Ultium platform and batteries in two jointly developed upcoming models. These batteries will be manufactured by LG for GM from 2024.

The Honda-LG joint venture will cost around US $3.4 billion and it will have an annual production capacity of 40 GWh, which is enough to power 600,000 electric vehicles.

Honda had previously said that it was looking for partners in order to facilitate its electrification and LG revealed they are open to create more joint ventures with automakers.

Honda didn’t comment on this project and there is no official timeline for the joint venture as of yet, so we don’t know when the factory will be built or when production of the batteries will begin

Trending Now

All New Vehicles Sold in the European Union Will Require an Anti-Speeding Module

The new rule will go into effect in July 2024. The technology will warn the driver and even slow a car down based...

Hyundai Teases Two Upcoming N Cars, One of Which is Electric

The N division makes the sportiest versions of many Hyundai models One of the two new models could be the Ioniq 5 N...

Toyota has Run Out of US EV Tax Credits

They have sold their 200,000th EV in the US. They now join Tesla and GM who’ve already run out of credits. The question is...

Hyundai Veloster Officially Dropped After 2022 Model Year

The Hyundai Veloster was introduced in 2011 as a 2012 model. The Veloster’s best sales year was 2013. Only the high-performance Veloster N...

The Recalled Ford Mustang Mach-E Receives a Software Update While a Fix is Being Determined

Defective connectors can overheat and disable the vehicle This update will limit the motor output and the charging current to reduce the stress...


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.