Honda, LG Energy to set up $4.4 bil. EV battery venture in U.S.

Honda Motor Co. and LG Energy Solution Ltd. said Monday they will set up a joint venture in the United States to produce batteries for electric vehicles with a total investment of $4.4 billion.The Japanese and South Korean companies plan to begin construction of the battery plant early next year and mass production by the end of 2025, they said in a press release.All the lithium-ion batteries produced at the plant will be used to power EVs sold under Honda and Acura brands in North America, they said. The exact location of the plant has not been finalized yet.The move comes as Honda acceler…READ FULL ARTICLE