Honda and LG are teaming up together to build a new car battery plant for electric vehicles. The location of the battery plant has not yet been determined but the project will cost over $4 million dollars. Construction is set to start in 2023 and expected to finish by 2025. This new factory will aid in the production of lithium-ion batteries for Honda’s electric vehicles in North America. LG has already begun making the car batteries for the automotive industry by having deals with General Motors, Ford, and Hyundai.
“Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” said LG Energy Solution Chief Executive Youngsoo Kwon.
The EV market is growing in the United States as more programs continue to stimulate buyers to switch to electric vehicles and have more electric charging stations be installed around the country. These programs help give tax credits, grants, and other incentives for people to get involved in the electric vehicles. These financial incentives are available on the federal, state, and local government levels plus private grants are available as well.