ICYMI: With an investment of $4.4 billion, Honda Motor and LG Energy Solution said they are starting a joint venture to set up new plant that will produce lithium-ion batteries for electric vehicles in the United States
Battery makers are looking to increase production in the U.S. where a shift toward electric vehicles could increase as the country implements stricter regulation and tightens tax credit eligibility.
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. The U.S. government has been pushing policies designed to bring more battery and EV manufacturing into the country.
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