Japanese automaker Honda Motor Co. Ltd. and South Korean battery producer LG Energy Solution announced on Aug. 29 that the companies will invest in a new lithium-ion battery plant for electric vehicles (EVs) in the United States.
The two East Asian companies are expected to shortly sign a joint venture agreement before proceeding with the $4.4 billion investment in the EV plant.The Biden administration has been pushing policies designed to bring more investment in battery and EV manufacturing into the United States, causing a major rush by companies worldwide to build production lines here as state governments implement stricter regulations and tax credit eligibilities to encourage more widespread use of EVs.
