Seoul, South Korea, August 31, 2022 – Honda Motor Co., Ltd. and LG Energy Solution inaugurated a partnership in the production of Honda and Acura electric vehicle batteries for the North American market.
The cooperation agreement between the two parties worth USD 4.4 million will be realized by establishing a new factory in the United States with an annual production target capacity of 40GWh.
The new factory will produce pouch-type batteries that will be supplied to Honda's electric vehicle assembly plant in North America, in line with the increasing trend of electric-based vehicles in the region. The factory will begin construction in early 2023 with a target for mass production of advanced lithium-ion battery cells by the end of 2025.
Youngsoo Kwon, CEO of LG Energy Solution said, “The inauguration of the partnership with Honda not only enhances our brand reputation, but also marks a milestone in our long-term partnership to support the rapidly growing electrification trend in North America.
As our primary goal is to earn the trust and respect of our valued customers, we also aspire to position ourselves as a leading battery provider, and we are working with Honda on achieving initiatives for electrification, as well as providing sustainable energy solutions for consumers."
Toshihiro Mibe, President, CEO and Representative Director of Honda Motor Co., Ltd. said “Honda continues to strive to achieve carbon neutrality for all its products and company activities by 2050 in accordance with our corporate vision.
In line with our commitment, Honda is committed to realizing the procurement of EV batteries which are an important component for EV vehicles. The initiative with LGES, a leading global battery manufacturer, will be part of Honda's approach to the North American region.”
In addition, Honda has also presented its global plan to launch up to 30 electric cars by 2030, with a production volume of 2 million units annually. In addition, Honda is also trying to achieve carbon neutrality for all product lines and company activities by 2050.
