Tesla remains the world’s most valuable automaker, despite a more than 65 percent drop in its shares in 2022. Today, where the interest in electric vehicles is increasing day by day, manufacturers that we know with their internal combustion models have accelerated their electric vehicle investments.
Continuing its engineering studies without slowing down, Honda plans to launch 30 different EV models with an annual production volume of more than 2 million units worldwide in the next 7 years.
In this context, Honda, which has signed many important collaborations, officially announced its joint venture with LG Energy Solution for the battery production of the new electric vehicle series.
New production facility from Honda and LG Energy Solution
As part of the Honda and LG Energy Solution joint venture, it was shared that the construction of a new battery factory will begin this year. Honda and LG Energy Solution also announced that they will invest $3.5 billion to establish the new production facility and will employ 2,200 people.
Aiming to start mass production of lithium-ion battery cells in 2025, the Honda and LG Energy Solution joint venture will have an annual production capacity of approximately 40GWh.
All batteries manufactured by the new joint venture will be supplied to Honda factories in North America to power battery electric vehicles sold in North America. The total investment of the new facility, which will be located in Ohio, USA, will reach 4.4 billion dollars.
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