Honda and LG Announce Plan to Invest $4.4 Billion in US Electric Vehicle Battery Plant
Japanese automaker Honda Motor Co. Ltd. and South Korean battery producer LG Energy Solution announced on Aug. 29 that the companies will invest in a new lithium-ion battery plant for electric vehicles (EVs) in the United States.
The two East Asian companies are expected to shortly sign a joint venture agreement before proceeding with the $4.4 billion investment in the EV plant.
The Biden administration has been pushing policies designed to bring more investment in battery and EV manufacturing into the United States, causing a major rush by companies worldwide to build production lines here as state governments implement stricter regulations and tax credit eligibilities to encourage more widespread use of EVs….