Honda, LG Energy to build US$4.4bil US EV battery plant

FILE PHOTO: Honda's logo on its Modulo model is pictured at its showroom at its headquarters in Tokyo

TOKYO: Japan’s Honda Motor Co will build a new US$4.4bil (RM19.7bil) lithium-ion battery plant for electric vehicles (EVs) in the United States with South Korean battery supplier LG Energy Solution Ltd, the two companies say.

Battery makers are looking to increase production in the United States where a shift toward EVs could increase as the country implements stricter regulation and tightens tax credit eligibility.