Honda as well as LG Energy plan to build an $4.4 billion lithium-ion facility in the US

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Honda as well as LG Energy plan

Honda is the newest car company to plan to make lithium-ion batteries within the U.S.

The automaker announced on Monday that it would form an alliance together with LG Energy Solutions to supply the North American market with “pouch type” batteries that will provide electric power to vehicles manufactured under the Honda as well as Acura brands. The location of the $4.4 billion facility hasn’t been revealed.

Its joint venture set to start at the close of the year, dependent on regulatory approval hopes to begin construction by the beginning of 2023. It will also begin the massive production of the latest lithium-ion battery cells before the year 2025’s end.

Toshihiro Mibe, the CEO and President of Honda, said in a statement that the company is “dedicated to the local sourcing of EV batteries, which is a crucial component of EVs.” “This initiative in the U.S. with LGES, the leading global battery manufacturer, will be part of such a Honda approach.”

The tax credits that are included within the Inflation Reduction Act passed by Congress this month appears to have spurred the auto industry’s rush towards bringing battery production ontoshore. A robust supply chain will eventually aid electric vehicle manufacturers in controlling costs and decrease dependence on materials and infrastructure from abroad.

This past Friday The Wall Street Journal revealed the news that Panasonic is considering Oklahoma as a possible location for an lithium-ion battery plant that will supply Tesla with batteries that are high capacity. This is in addition to plans that the Japanese electronics manufacturer announced in the last month to construct the construction of a $4 billion facility located in Kansas. The company’s officials said it would be among the biggest lithium-ion battery manufacturing facilities in the world, as well as the largest ever economic development venture in Kansas.

Georgia has been particularly determined in recruiting efforts to build a battery industry. The State has given Rivian $1.5 billion of incentive funds, the biggest package to build an area of 2,000 acres to the east of Atlanta. Hyundai’s $5.5 billion new electric vehicle plant and battery manufacturing facility located outside of Savannah is the most significant economic development agreement negotiated by Georgia.

Toyota plans to launch the very first U.S. battery factory -it will be one that will cost $1.3 billion facility in Greensboro, North Carolina –in 2025. Canoo has relocated the company’s office from Bentonville, Arkansas to Bentonville, Arkansas, has plans to establish an electric vehicle factory in Oklahoma.

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