Honda said Earlier this year
It plans to spend about $36 billion on electric vehicles and software in the next ten years.
It’s not the only automaker that announced plans to produce batteries in North America in the past year or so. Hyundai said in May
They’re building a battery factory in Georgia. Ford said last year
It will invest $11.4 billion with LG Energy Solution competitor SK Innovations to build two campuses for electric vehicles. Mercedes Benz opened
A battery factory in Alabama earlier this year. Stellantis, which consists of Fiat Chrysler and French automaker PSA group, announced last year
With LG Energy Solution, it will build a battery plant that will produce 40 gigawatt-hours, the same capacity Honda envisions.
LG is also a longtime partner of General Motors It has projects in progress
in Ohio and Tennessee which is expected to cost $2.3 billion each. LG also supplied the Chevrolet Bolt battery, which led to an expensive recall
Where LG paid General Motors about $ 1.9 billion