Honda, LG Energy Solution to build EV battery plant in US
Baku, August 30, AZERTAC
Japanese automaker Honda is teaming up with a major South Korean battery maker to open an electric vehicle battery plant in the US, according to NHK World-Japan.
The facility is part of Honda's efforts to speed up a shift to producing only electric and fuel cell vehicles.
Honda will hold a 49 percent stake in the 4.4-billion-dollar project. LG Energy Solution will get the remaining 51 percent.
The firms will start producing EV batteries at the plant in 2025. These will be supplied to Honda factories in the US and other areas of operation.
Honda has announced it plans to make all models in its lineup electric or hydrogen-powered by 2040.
The company is now accelerating this shift in the US, which accounts for about 30 percent of its sales.
Honda is the latest Japanese automaker to build an EV battery plant in the US. Toyota plans to get a facility into operation in 2025.
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