HomeInvesting VideosHonda and LG Plan to Build $4.4 Billion EV Battery Factory

Honda and LG Plan to Build $4.4 Billion EV Battery Factory

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We got some big news, guys. Honda Motor Company (NYSE:HMC) and LG Energy solution, they’re planning on building a $4.4 billion battery factory in the United States. Let’s talk about it.

Honda and LG Plan EV Factory Construction for Early 2023

They’re going to begin the construction of the factory in early 2023 with the goal of completing it in 2025 for mass production.

And this is actually Honda’s (NYSE:HMC) first major investment in their battery supply chain since they announced they’re going all electric a little bit over a year ago.

And, yeah, maybe they’re a little bit behind some of the bigger players out there like Tesla, BYD, maybe even Volkswagen, but they are going to be fully electric by 2040.

And they do plan on rolling out 30 models of electric vehicles (EVs) as they are pairing up with General Motors (NYSE:GM) and Sony Group (NYSE:SONY) to develop them.

And with costs of producing these batteries, the raw materials skyrocketing, automakers have an incentive to partner up and do these massive deals with these battery companies to achieve economies of scale.

Follow along for more.

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