Japan's Honda Motor Co (7267.T) will build a new USD4.4bn lithium-ion battery plant for electric vehicles (EV) in the United States with Korean battery supplier LG Energy Solution Ltd. Battery makers are looking to increase production in the U.S. where a shift toward EV could increase as the country implements stricter regulation and tightens tax credit eligibility. The companies aim for annual production capacity of approximately 40 GWh with the batteries supplied exclusively to Honda facilities in North America to power Honda and Acura EV models. The pair are expected to establish a joint venture before building the plant, with the start of construction planned for early 2023 and mass-production by the end of 2025.

Source: Reuters