URGENT: Honda, LG Energy to set up U.S. EV battery JV, to invest $4.4 bil.

Honda Motor Co. and LG Energy Solution Ltd. said Monday they will set up a joint venture in the United States to produce batteries for electric vehicles with a total investment of $4.4 billion.

The Japanese and South Korean companies plan to begin the construction of the battery plant early next year and mass production by the end of 2025, they said in a joint press release.

© Kyodo News