January 13, 2023 – LG Energy Solution (LGES) and Honda Motor Co., Ltd. announced the formal establishment of a joint venture (JV) that will produce lithium-ion batteries for electric vehicles (EV) manufactured by Honda. The JV will begin construction of a new battery manufacturing plant early this year, with a goal of completion by the end of 2024 and mass production of advanced lithium-ion battery cells by the end of 2025. The annual production capacity of the plant is approximately 40 GWh.
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All batteries manufactured by the new JV will be supplied exclusively to Honda’s North American factories to power battery electric vehicles sold in the region. The new plant will be located in Fayette County, near Jeffersonville, Ohio (USA). LGES and Honda have committed to invest US$3.5 billion and create 2,200 jobs to create a new manufacturing facility. The total investment of JV-related companies is projected to reach 4.4 billion euros.
About the new joint venture
Company name: LH Battery Company, Inc. (working title)
Location: Jeffersonville, Ohio, USA
Capital: $210 million (interest: 51% LGES, 49% Honda)
Corporate Leaders: Robert H. Lee, General Manager (Current Executive Vice President, Head of LGES North America Regional Group) and Rick Riggle, COO (Formerly Head of Honda Engine Plant, North America Engineering and Manufacturing Division)
■ Comments by Robert H. Lee, CEO of LH Battery Company, Inc.
“LG Energy Solution has all the necessary assets to make this joint venture a success, including financial stability, quality, competitiveness and manufacturing capability with a worldwide track record,” said Robert H. Lee. “With the combined expertise of the two companies, we will deliver high-quality batteries to ensure Honda’s successful EV launch in North America and grow with the Ohio community, creating valuable jobs.”
■Comments by Rick Riggle, COO of LH Battery Company, Inc.
“The official establishment of a joint venture between LG Energy Solution and Honda to produce batteries for electric vehicles in Ohio is another big step towards our electrified future,” said Rick Riggle. “We look forward to moving forward with a strong partner like LG Energy Solution and together we look forward to building strong relationships with the Ohio community.”
About the LG Energy solution
LG Energy Solution, a division of LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, vehicles, information technology and energy storage systems. With 30 years of experience in battery technology and extensive research and development (R&D), the company is the world’s largest battery-related patent holder with over 25,000 patents.
Its strong global network spanning North America, Europe, Asia and Australia includes battery factories established through joint ventures with major automakers such as General Motors, Stellantis NV, Hyundai Motor Group and Honda Motor Co. Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to be carbon neutral by 2050, embodying the value of shared growth and promoting a diverse and inclusive corporate culture. To learn more about LG Energy Solution ideas and innovations, visit the website.
About Honda Motor Co., Ltd.
Honda Motor Co., Ltd. responsible for the development, production and sale of automobiles, motorcycles, power and aviation products worldwide. Honda ships over 30 million products annually through its three product lines.
Honda and its partners manufacture products at more than 60 factories in 27 countries, employing approximately 220,000 people worldwide. Globally, by 2050, Honda aims to achieve carbon neutrality for all products and corporate activities, as well as zero fatal road traffic accidents involving Honda cars and motorcycles.
About Honda in Brazil: In 1971, Honda began selling its first imported motorcycles in Brazil. Five years later, the Honda Motos factory was opened in Manaus. Since then, the division has produced over 27 million motorcycles, with a particular focus on the CG, Brazil’s best-selling vehicle, in addition to the ATVs and stationary engines that make up the Motors and Machines line, also made up of motor pumps. mowers, generators and lawn mowers.
In order to facilitate access to the brand’s products, the Honda Consortium was established in 1981, a management company that is a benchmark in the national market and is part of the Honda Serviços Financeiros structure, also consisting of Seguros Honda and Banco Honda. Continuing the growth trajectory, in 1992 the first Honda imports arrived in Brazil and shortly thereafter, in 1997, Honda Automóveis do Brasil started production in Sumara (SP).
The second automobile plant of the brand, built in the city of Itirapina (St. Petersburg), was opened in 2019 and currently concentrates all the production of local models, while the subdivision in Sumar is being consolidated as a center for the production of engines and components, the development of the Honda Group concern. products, strategy and business management. Currently, 2 million cars of the brand have already been produced on domestic soil.
Over the years, the company has also opened traffic education, technical training, parts distribution and research and development centers. Today, she has structured a network of dealerships with about 1,300 addresses. In 2014, Honda, in an unprecedented initiative in its segment, opened its first wind farm in the world in the city of Xangri-La (RS).
The company covers all the electricity needs of car factories in the hinterland of São Paulo and an office in the capital of São Paulo, reducing the impact of the company’s activities on the environment. In 2015, the Honda Aircraft Company announced the expansion of sales of the HondaJet, the world’s most advanced executive aircraft, to Brazil.
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Source : Married Games
