Alabama NewsCenter — Honda, LG set to build $4.4 billion EV battery plant in U.S.

Alabama News Center | September 6, 2022 @ 2:00 pm

By Heejin Kim
Bloomberg

Honda Motor Co. and South Korean battery maker LG Energy Solution Ltd. will spend $4.4 billion to build a new battery plant in the U.S. as the Japanese carmaker seeks to phase out fossil-fuel vehicles completely by 2040.

The facility will have an annual capacity of about 40 gigawatt-hours with mass production slated to start at the end of 2025, Honda officials said in a company filing. The duo will set up a joint venture this year in which Honda will hold a 49% stake by investing $1.7 billion. Construction is expected to start by early 2023.

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