LG Energy Solution and Honda Motor Co., Ltd. announced the formal establishment of the joint venture (JV) which will produce lithium-ion batteries for electric vehicles (EV) produced by Honda. The JV will begin construction of a new battery plant early this year with the goal of completion by the end of 2024 and starting mass production of advanced lithium-ion battery cells by the end of 2025. The plant aims to have an annual production capacity of approximately 40GWh.

All batteries produced by the new JV will be supplied exclusively to Honda plants in North America to power battery-electric vehicles sold in North America. Company name: L-H Battery Company Inc. (tentative name). Location: Jeffersonville, Ohio, U.S.A. Capital: $210 million USD (Percentage of ownership: 51% LGES, 49% Honda).

Corporate officers: Robert H. Lee, CEO (Currently Executive Vice President, North America Regional Group Leader of LGES). Rick Riggle, COO (Previously Plant Lead of Anna Engine Plant of Honda Development and Manufacturing of America).