Honda and LG Energy Solution (LGES) announced today the formal establishment of a joint venture to mass produce lithium-ion batteries for electric vehicles (EV) produced by Honda, with plans to build a USD3.5bn plant in Ohio. Plans for the new JV, tentatively named L-H Battery Company, Inc., were unveiled by the companies last year, following the release of aggressive electrification goals by Honda for its vehicle fleet, including targets to make battery-electric and fuel cell electric vehicles represent 100% of its vehicle sales by 2040, progressing from sales of 40% by 2030 and 80% by 2035 in all major markets, including North America.

Source: ESGToday