LG-Honda battery joint venture breaks ground in US

• Published date: 01 March 2023
• Publication title: The Korea Times

A joint venture between Korean battery maker, LG Energy Solution, and Japanese auto giant, Honda, held a groundbreaking ceremony for its electric vehicle (EV) battery-manufacturing plant in the U.S. state of Ohio, the battery company said Wednesday.

The joint venture, tentatively named L-H Battery Company, is scheduled to be completed at the end of 2024 and begin mass-producing batteries, which will be supplied only to Honda's plants in North America, from the end of 2025. The factory, which was built with an overall investment of $4.4 billion, will have an annual production capacity of 40 gigawatt-hours, LG said.

"It is an honor to represent two great corporations, Honda and LG Energy Solution, both with a long, proud history of success. LG Energy Solution is the leading battery manufacturer globally and is investing aggressively to meet demand for electrification. We are excited to embark on this partnership with Honda, a leader in the global auto industry with a reputation for quality and reliability," Lee Hyuk-jae, CEO of the joint venture, said.

"If we harness these strengths, I have no doubt our joint venture will be the most successful battery plant in the world, and we look forward to being a part of this massive transformation toward sustainability," Lee added.

The joint venture has gained attention as this is the first example of joining forces between a Korean battery maker and a Japanese carmaker.

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