Japanese automaker Honda and Li-ion battery maker GS Yuasa have inked a new joint venture deal to develop high-capacity and high-output Li-ion batteries for electric vehicles.
It is worth noting that these two Japanese tech companies have been negotiating about the JV since January. They plan to launch the “Honda・GS Yuasa EV Battery R&D Co., Ltd.” JV (50/50) and begin operation in late 2023.
Purpose
According to the press release, the JV will research and produce li-ion batties and production techniques that can compete internationally.
It also aims to build “a supply chain for key raw materials and a highly-efficient production system for its batteries.”
The two companies will each contribute an equal amount toward the JV’s initial capital, which is 2 billion yen.
“We are very pleased that Honda and GS Yuasa have reached a joint venture agreement, which will become a new milestone in our pursuit of the realization of carbon neutrality, which is a goal shared by the two companies. The new company will fully leverage the strengths of the two companies and establish a strong presence in the rapidly expanding battery market.”
Koichi Yamamoto, Honda・GS Yuasa EV Battery R&D Co., Ltd.’s representative Director and President (to be)
See Also:
- Honda, LGES break ground for new JV battery plant in Ohio
- Honda’s aggressive EV strategy: To take Chinese electric automakers head-on
- Honda to invest at least $40 billion in its EV strategy, plans to launch a new subsidiary
- LG Energy Solution: EV battery market is booming as orders increase in US
- CATL to supply Honda with 123 GWh of EV batteries, enough to power 1 million EVs
As mentioned, the partners expect the JV to begin operation by the end of this year. However, it still needs to obtain the necessary authorities’ approvals.
