According to foreign media reports, Honda and LG Energy Solutions recently jointly announced a cooperation agreement to establish a joint venture in the United States in 2022 to produce lithium-ion power batteries for pure electric vehicles. These batteries will be assembled in On the Honda and Acura brand pure electric models that will be launched in the North American market.
The two companies plan to invest a total of 4.4 billion US dollars (about 30.423 billion yuan) in the joint venture battery factory. It is expected that the factory can produce about 40GWh of soft pack batteries per year. If each battery pack is 100kWh, it is equivalent to producing 400,000 a battery pack. While officials have yet to determine the final location for the new plant, we do know that it is scheduled to start construction in early 2023 and start production by the end of 2025.
According to foreign media reports, Honda disclosed in a filing that it will invest $1.7 billion in the joint venture and hold a 49% stake in the joint venture, while LG Energy Solutions will hold another 51%.
It was previously reported that Honda and Acura will launch their first pure electric models in North America in 2024. They are based on General Motors’ Autonen Ultium platform, with an initial annual sales target of 70,000 units.
The battery factory jointly established by Honda and LG Energy Solutions can only start producing batteries in 2025 at the earliest, which may indicate that these batteries may be applied to Honda’s own pure electric platform “e:Architecture”, assembled in Honda and Acura’s new pure electric models launched after 2025.
This spring, Honda said its plan in North America was to produce about 800,000 electric vehicles a year by 2030. Globally, production of electric models will approach 2 million, with a total of 30 BEV models.
Post time: Aug-31-2022