fbpx
Stylish and compact, these new Canon instant printers make creative pursuits easyRead more Nigerian Law Enforcement agencies open investigations on Hawilti and company executives for criminal breach of trust, cheating, defrauding investors schemeRead more Famine looms in Somalia, but many ‘hunger hotspots’ are in deep troubleRead more Launch of the 3rd Edition of the Choiseul Africa Business Forum, a Must-Attend Event for the Business Community in Africa October 19th & 20th, 2022 in Casablanca, MoroccoRead more World’s Biggest Afrobeats Music Festival Afro Nation Extends Partnership with APO Group until 2025Read more Master Trainer (MT) National Meeting on Sustainable Coffee Practices Organized by The International Islamic Trade Finance Corporation in Collaboration with The Sustainable Coffee Platform of Indonesia (SCOPI)Read more Thai Ambassador met the Thai Community in Dar es Salaam and Zanzibar and visited the Buddhist Temple in TanzaniaRead more Generation Africa awards US$100,000 to two young agripreneurs from Kenya and Uganda in the fourth annual GoGettaz Agripreneur Prize Competition at the African Green Revolution Forum Summit in Kigali, RwandaRead more Medicaid Cancer Foundation and AstraZeneca celebrate Prostate Cancer Awareness month with the launch of Project Icon NigeriaRead more Eight Tokyo International Conference on African Development (TICAD8): President Barrow Discusses Inclusive Development in The Gambia with United Nations Development Programme (UNDP) Assistant AdministratorRead more

Honda, LG to invest $4.4 bn in US battery plant

show caption
Honda and LG Energy Solution expect construction of the plant to begin next year./AFP
Print Friendly and PDF

Aug 30, 2022 - 09:02 AM

TOKYO, JAPAN — Japanese auto giant Honda and South Korean battery maker LG Energy Solution announced a joint venture Monday to invest $4.4 billion in a new US electric car battery plant.

The move comes after California last week ruled that all new cars sold in America’s most populous state must be zero-emission from 2035, with other US states expected to follow suit.

In a joint statement, the firms said they expected construction of the plant to begin next year, aiming for “mass production of advanced lithium-ion battery cells by the end of 2025”.

The tie-up was decided “based on the shared belief that expanding local electric vehicle production and ensuring the timely supply of batteries would put them in the best position to target the rapidly-growing North American EV market”, the companies added.

Last month, Japanese electronics giant and Tesla supplier Panasonic announced its own $4 billion investment to build a new battery factory in the United States for electric vehicles.

Panasonic CEO Kazuo Tadanobu said the new plant, the company’s second electric battery operation in the United States, was “critical to help meet demand”.

Earlier this year, Honda said it planned to invest nearly $40 billion in electric vehicle technology over the next decade as it works towards switching all sales away from traditional fuel cars.

It wants to launch 30 EV models by 2030, with an annual production volume of more than two million units, and aim to have electric and fuel cell vehicles account for 100 percent of all sales by 2040.

The success of Elon Musk’s Tesla, built solely on electric vehicles, and growing government pressure to move away from cars with combustion engines, are pushing traditional automakers to speed up the transition to electric.

Washington state’s governor has backed a move similar to California, while the European Union has taken steps to ban the sale of gas- or diesel-fuelled cars — and even hybrids — by 2035.

China wants at least half of all new cars to be electric, plug-in hybrid or hydrogen-powered by that time.

MAORANDCITIES.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.