On the 11th, Honda exclusively announced an allocation of $350 million to a battery plant in the US, where it jointly invests $440 million with LG Ensol, and exercised management leadership.
Japan's Honda Motor Company announced on the same day that it would allocate $350 million out of the initially announced input of $440 million to the Ohio battery plant, embodying plans to operate in 2025 and create 2,200 jobs.
On the 29th of last month, Honda and LG Ensol announced that they would each invest $440 million to build a battery plant in Ohio.
'Yomiuri' at the time 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 battery manufacturer in Korea. A joint venture will be established in the United States. I own a 51% stake in LG Energy and a 49% stake in Honda.”
'Yomiuri' today (11th) said, "Honda announced on the 11th that it would strengthen its electric vehicle (EV) production system in the United States. The company decided to build a new EV battery plant in Ohio in cooperation with South Korean battery maker LG Ensol. The three factories in the state will be converted to produce EVs with an investment of $700 million (about JPY 101.5 billion).”
On the 30th of last month, Yonhap News reported, “The news that LG Energy Solutions is building a battery joint venture in the United States in cooperation with Honda, a Japanese automaker, led to an uptrend in the early market on the 30th. Based on the high price, it is the highest level since the initial listing on February 14, 482,000 won.”
The Wall Street Journal announced on the same day (30th) that the title of <Honda, LG Energy Plan $440 million EV battery plant in the US> is "a plant in Marisville, Ohio, where Honda's main automobile facilities are located."
‘The Chosun Ilbo’ previously reported on the 29th that <LG Ensol and Honda invested 5 trillion won… In “Building a Battery Factory in the U.S.>, “The produced batteries will be supplied to Honda and Acura (Honda brand) electric vehicle models. I did it,” he reported.
“Nikkei” said on the same day, “It will be the first case that Honda pays for an EV battery plant. Honda is working with a Korean company to secure a stable battery.”<Refer to LG and Honda’s U.S. battery plants, Japan’s ‘Honda-exclusive’, and ‘8 locations’ in Korea, dated September 29, 2022>
LG Ensol, whose stocks soared in succession due to reports of the construction of a battery plant in the United States in Korea, stood at 2.9597 trillion won in dollar assets and 4.306.3 trillion won in liabilities at the end of the first quarter.
Compared to the end of last year, LG Ensol's dollar assets decreased by 342.4 billion won and its liabilities increased by 864.4 billion won (20%). In particular, LG Ensol announced that a 10% increase in the won/dollar exchange rate would result in a loss of 134.6 billion won.
The won-dollar exchange rate rose by 20% from 1191.8 won at the beginning of this year (January 3) to 1440 won recently, resulting in a sharp rise in dollar debt.
As of the end of last year, LG Ensol announced that a 10% increase in the won/dollar exchange rate would result in a loss of 10.9 billion won.
Unlike the stock price rise in Korea, LG Ensol focused on establishing a battery joint venture in the US with automakers such as GM Stellantis of Japan and Honda of Japan.
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