LG Power Answer and Honda Motor Co. formally introduced the formal institution of the EV battery three way partnership (JV), tentatively named L-H Battery Firm.
The brand new lithium-ion battery cell manufacturing facility can be inbuilt Fayette County, close to Jeffersonville, in Ohio, with a goal manufacturing capability of 40 GWh yearly. Building will start in early 2023 with a purpose to finish the works by the tip of 2024 and begin mass manufacturing by the tip of 2025.
The partnership between LG Power Answer is a approach for Honda to safe a secure, high-volume provide of pouch lithium-ion battery cells for its upcoming all-electric fashions in North America. It is essential to notice that the manufacturing facility’s output can be solely to fulfill Honda’s wants.
Let’s recall that the primary Honda Prologue electrical mannequin (and Acura electrical mannequin) will launch in 2024, utilizing Basic Motors’ Ultium platform, with an preliminary annual gross sales goal is 70,000 models.
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Feedback by Robert H. Lee, CEO of L-H Battery Firm, Inc. stated:
“LG Power Answer has all the best property to make this three way partnership successful, together with the monetary stability, high quality, competitiveness, and manufacturing capability with world operational experience. With two firms’ experience mixed, we are going to present high-quality batteries to make sure the profitable launch of Honda EVs in North America, and develop with the neighborhood right here in Ohio by creating excessive worth jobs.”
Feedback by Rick Riggle, COO of L-H Battery Firm, Inc. stated:
“The formal institution of this three way partnership between LG Power Answer and Honda to supply EV batteries in Ohio is one other main step towards our electrified future. We’re excited to maneuver ahead with such a robust accomplice in LG Power Answer and, collectively, we stay up for establishing a robust relationship with the neighborhood in Fayette County, Ohio.”
Honda and LG Power Answer EV battery JV:
kind: three way partnership title: L-H Battery Firm, Inc. (tentative title) funding: $3.5 billion plant”The businesses’ total funding associated to the JV is projected to succeed in $4.4 billion” location: Fayette County, Ohio battery kind: lithium-ion pouch-type batteries quantity: as much as 40 GWh yearly use: Honda and Acura fashions for the North American market development begin (plan): early 2023 and completion by the tip of 2024 mass manufacturing begin (plan): by the tip of 2025 jobs: about 2,200
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