Japanese auto giant Honda and South Korean battery maker LG Energy Solution announced a joint venture Monday to invest $4.4 billion in a new US electric car battery plant.
The move comes after California last week ruled that all new cars sold in America’s most populous state must be zero-emission from 2035, with other US states expected to follow suit. In a joint statement, the firms said they expected construction of the plant to begin next year, aiming for “mass production of advanced lithium-ion battery cells by the end of 2025”.
The tie-up was decided “based on the shared belief that expanding local electric vehicle production and ensuring the timely supply of batteries would put them in the best position to target the rapidly-growing North American EV market”, the companies added.—Agencies
