Lates News

Honda Motor Co. will acquire the facilities and other assets of LG New Energy's joint venture battery factory in Ohio, USA, for approximately 4.2 trillion Korean won (approximately $2.9 billion). This move comes as the slowdown in the US electric vehicle market continues to impact the global electric vehicle supply chain. LG stated in regulatory filings submitted on Wednesday that the transaction is expected to be completed by the end of February. This will help improve operational efficiency. To offset the recent setbacks in their business, LG New Energy is accelerating the expansion of their energy storage system business and continuing the construction of two additional battery production lines in Arizona and Michigan.