LG, Honda Announce New JV with EV Battery Plant

LG and Honda have joined forces to create a new joint venture EV battery plant in Ohio. This joint venture, announced in March 2023. For it is a big move for both companies. Those that could have a significant impact on the EV industry. The plant is also expected to produce up to 240,000 lithium-ion batteries per year. Most noteworthy, it will be located in the city of Marysville.

The Benefits of the Joint Venture

The joint venture between LG and Honda is sure to offer many benefits to both companies. For LG, the partnership will help them to expand their presence in the EV battery market. That’s as well as providing access to Honda’s extensive knowledge of the industry. I mean for Honda, the joint venture will give them access to LG’s cutting-edge battery technology.

The new EV battery plant is also expected to bring a number of other benefits to the region. It is also estimated that the joint venture will create up to 500 jobs. That’s in the community and could help to further bolster the local economy. The plant will also provide a boost to the EV industry as a whole. Especially with the potential to drive down the cost of batteries. Moreover and make electric vehicles more accessible to consumers.

What the Plant Will Produce

The joint venture EV battery plant will produce lithium-ion batteries for electric vehicles. The batteries will be used in Honda’s EV lineup, including the Honda e, Clarity Electric, and upcoming EV models. The plant will also produce batteries for other automakers, including LG’s own electric vehicle division.

LG and Honda have announced that they will use the most advanced and sustainable battery technology in the joint venture plant. The batteries will be made with recycled materials and will be manufactured with the latest energy-saving techniques. The joint venture plant is expected to be fully operational by the end of 2023.

Conclusion

The joint venture between LG and Honda is a big move for both companies and the EV industry as a whole. The new EV battery plant in Ohio is expected to create up to 500 jobs in the community and could help to further drive down the cost of batteries. The joint venture will also use the most advanced and sustainable battery technology, making it a great asset to the region and the EV industry.

Source: Honda