South Korea’s LG Energy Solutions plans U.S. battery joint venture with Honda – Reuters report

© Reuters. FILE PHOTO: The LG Energy Solutions logo is displayed on a smartphone in front of a stock chart shown in this illustration taken on December 4, 2021. REUTERS/Dado Ruvic/Illustration

SEOUL (Reuters) – South Korean battery maker LG Energy Solutions (LGES) plans to build a U.S.-based battery with Japan’s Honda Motor Co Ltd Battery Joint Venture (JV). .

The paper said a potential battery joint venture between LGES and Honda could cost as much as 4 trillion won ($3.4 billion) and have an annual battery capacity of up to 40 gigawatt hours (GWh), enough to power 600,000 electric vehicles (EVs) Power Report. The report did not detail a timeline for when the joint venture would be built and operational.

LG Chem Ltd’s battery subsidiary, LGES, controls more than 20 percent of the global EV battery market and supplies Tesla (NASDAQ: ) Inc, General Motors (NYSE: ) and Volkswagen (OTC: ), among others.

“We are discussing various ways of working with automakers, including joint ventures, but no decisions have been made,” LGES said in a statement.

A Honda America spokesman declined to comment.

Honda and its alliance partner General Motors plan to launch two large EV models jointly developed using GM’s Ultium batteries in North America in 2024. GM will produce Ultium batteries through a joint venture with LG.

Honda Motor Chief Executive Toshihiro Mibe said last year that the Japanese automaker was open to forming new alliances to make electrification profitable.

LGES has battery production bases in the United States, China, South Korea, Poland and Indonesia, and plans to invest 5.6 trillion won in North America by 2024 to secure more than 160 GWh of production capacity in the region by 2025. File with the company.

These include two new U.S. plants built with General Motors in Ohio and Tennessee, and a battery joint venture with Stellantis NV.

(1 USD = 1,186.11 KRW)

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