On December 25, South Korea's LG New Energy said that It sold a battery factory and related assets in Ohio to Honda Development and Manufacturing of America for $2.86 billion, or about 20 billion yuan, excluding land and equipment.
In 2022, Honda and LG New Energy announced plans to build a $4.4 billion joint venture battery factory in Ohio.
According to a Honda spokesman, the acquisition of these plant assets will enable Honda to make long-term investment in the field of batteries and flexibly respond to all kinds of battery demand, covering not only electric vehicle, but also hybrid vehicles. The plant is expected to open next year.
Just a week before the deal was announced, LG New Energy announced that Ford had terminated an electric vehicle battery supply agreement worth about 9.6 trillion won (about 45.754 billion yuan).
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