Honda and LG Energy Solution announced that their new joint venture (JV) EV battery plant will be in Fayette, Ohio.
The companies will invest $3.5 billion and create 2,200 jobs, with overall investment related to the joint venture estimated to reach $4.4 billion. Following
This announcement represents yet another EV-related Honda partnership. Honda already has an EV partnership with GM to use the GM BEV3 platform as well as Ultium technology, including GM Ultium batteries and GM Ultium drive motors for upcoming Honda and Acura electric vehicles. The forthcoming Honda Prologue crossover as well as the Acura ZDX will be Honda’s first vehicles as a result of this partnership. In addition, the two companies will work together on a new series of affordable EVs that will be introduced by 2027.
On the Autonomous Vehicles front, Honda has committed to invest $2 billion over the course of 12 years into GM’s Cruise division, which is looking to commercialize robotaxis.
Two years ago, GM increased its financial commitment to EVs and AVs by $7 billion, with the goal of launching 30 new electric vehicles globally by 2025 and 400,000 electric vehicle sales by 2023.
During the third quarter of 2022, GM EV sales increased nearly 600 percent to 15,156 units as the Detroit-based automaker was once again able to sell the Bolt EV and Bolt EUV, after the duo was under recall and stop-sale as a result of a battery-related defect that could result in fires. In addition to the resumed Bolt family sales, GM also delivered 411 units of the GMC Hummer EV Pickup and first 36 units of the all-new 2023 Cadillac Lyriq.
Sales Numbers - GM EVs - Q3 2022 - USA
|MODEL||Q3 22 / Q3 21||Q3 22||Q3 21||YTD 22 / YTD 21||YTD 22||YTD 21|
|CHEVROLET BOLT EV||+62.37%||3,530||2,174||-72.06%||6,163||22,056|
|CHEVROLET BOLT EUV||+377.53%||11,179||2,341||+476.96%||15,849||2,747|
|GMC HUMMER EV PICKUP||*||411||*||*||782||0|