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Honda Motor and LG Energy plan to build a $4.4 billion new EV battery factory in the US

Honda plans to produce about 2 million EVs a year by 2030

by Babu Patil
Honda Motor and LG Energy plan to build a $4.4 billion new EV battery factory in the US

Honda Motor, a Japanese automaker,and LG Energy, a spinoff from LG Chem, announced that they will form a joint venture to invest $4.4 billion in a new battery production facility in the U.S.

The facility will produce advanced lithium-ion battery cells for electric vehicles. The plant will be built and operated by the joint venture. It is expected to start operations by 2025. 

Automakers did not announce a location for the multibillion-dollar plant, but they have largely been announcing battery production near their assembly operations. Honda currently has manufacturing facilities in Ohio, Alabama, and Indiana. 

The new plant will have an annual production capacity of about 40 GWh. 

Other automakers investing billions of dollars in the US battery manufacturing plants include General Motors, Ford Motor, Rivian Automotive, and Hyundai Motor....

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