LG and Honda U.S. battery factories supplied with Japanese media ‘Honda exclusive’ vs Korean media ‘8 locations’

Regarding the joint venture between LG Solution and Honda in the US battery factory, the Japanese media reported that it was ‘only for Honda’, and the Korean media reported that it was ‘supplied to 8 locations’.

 

‘The Chosun Ilbo’ reported on <LG Ensol, Honda to invest 5 trillion won… In the article to build a battery factory in the US>

“The produced batteries are supplied to Honda and Acura (Honda's premium brand) electric vehicle models. (omitted) It is evaluated that it is the result of recognition of the technology and quality of Korean batteries because Honda chose LG Energy Solutions as its US partner rather than Japanese battery makers such as Panasonic and Sony. In this joint venture with Honda, LG Energy Solutions will supply batteries to eight of the world's top 10 automakers, including General Motors (GM) of the United States. LG Energy Solution is pushing for a joint plant with GM and Stellantis in addition to a single plant in North America,” reported on the 29th.

'Yomiuri' said in <Honda to build America's first EV battery plant in collaboration with LG Energy Korea>, "Construction will start in 2023 and mass production is scheduled for 2025. corresponds to All products will be supplied to Honda vehicles in North America.”

The Wall Street Journal reported on the 30th that “Honda, LG Energy Plans $440 Million EV Battery Factory in the U.S.” The title “Honda, headquartered in Tokyo and LG Energy of Korea, is a partnership between car manufacturers and battery suppliers who are planning a new plant in the United States.” "Joining the joint venture list," reported the report, "the plant in Marisville, Ohio, where Honda's main automotive facility is located."

The ‘Chosun Ilbo’ article started with “LG Energy Solutions will build a battery plant for electric vehicles in the United States together with Honda of Japan, the world’s seventh largest automaker.”

An article in 'Yomiuri' said, "Honda announced on June 29 that it would build a new battery plant for electric vehicles (EV) in the United States in collaboration with LG Energy Solutions, a major Korean battery manufacturer. A joint venture will be established in the United States. LG Energy owns a 51% stake and Honda owns a 49% stake.”

Maeil Economic Daily said, “LG​​energy Solutions, which plans to invest more than 20 trillion won in North America, will establish its seventh production base in North America through this joint venture. LG Energy Solution established a joint venture 'Ultium Cells' with GM and is constructing three factories in Michigan, Tennessee, Ohio, and US. In addition, it is planning to establish a 45GWh joint plant in Ontario, Canada in cooperation with Stellantis. In the US state of Michigan, we are considering building a plant in Arizona by expanding our own plant.”

'Nikkei' said on the 29th, "Honda will establish a joint venture with LG Energy Solutions to promote the production of lithium-ion batteries in Ohio, USA, where Honda's main plant is located. This will be the first case of implementation. Honda is working with a Korean company to secure a stable battery.”

On the 30th, Yonhap News reported, “On the 30th, the news that LG Energy Solutions is building a battery joint venture plant in the United States in cooperation with Honda, a Japanese automaker, is rising early in the market. As of 9:10 am on the same day, LG Energy Solution is trading at 475,000 won in the stock market, up 3.37% from the previous trading day. Immediately after opening, it rose to 476,500 won. Based on the intraday high, it is the highest level since the 482,000 won on February 14, when it was initially listed.”

 

In December 2020, LG Chem established 'LG Energy Solution', a new corporation dedicated to electric vehicle batteries.