Honda and LG Announce , Plans for a New $4.4 Billion , Battery Factory in the US.<br />CNN reports that Honda has struck a deal with Korean battery producer LG Energy Solution to build a $4.4 billion United States factory to supply its electric vehicles.<br />CNN reports that Honda has struck a deal with Korean battery producer LG Energy Solution to build a $4.4 billion United States factory to supply its electric vehicles.<br />The companies have yet to announce where <br />in the United States the factory will be built.<br />In a joint press release on August 29, <br />Honda and LG Energy Solutions said they <br />plan construction to begin early in 2023.<br />The factory is expected to begin <br />mass production by the end of 2025.<br />Since 1982, Honda has produced cars <br />at its factory in Marysville, Ohio.<br />According to the partners, a "timely supply of batteries" <br />will best position the companies to succeed in <br />the growing electric vehicle market in North America.<br />In 2024, Honda plans on launching <br />its electric SUV, the Prologue.<br />According to Honda, the company plans to launch<br /> 30 electric vehicles by 2030 and to only sell <br />electric vehicles in North America by 2040.<br />In the next 10 years, Honda plans <br />to spend approximately $36 billion <br />on electric vehicles and software. .<br />In May, Hyundai said it would <br />build a battery plant in Georgia. .<br />Earlier this year, Mercedes-Benz <br />opened a battery plant in Alabama.<br />LG and General Motors have projects<br />in Ohio and Tennessee expected to cost <br />approximately $2.3 billion each
