The daily business briefing: August 29, 2022

Honda and LG Energy plan to build EV battery plant in U.S., diesel and heating oil inventories fall more than 50 percent below five-year average in Northeast, and more

Honda electric car
(Image credit: Getty Images)

1. Honda, LG Energy to build EV battery plant in U.S.

Honda plans to build a new U.S. plant to manufacture lithium-ion batteries for electric vehicles in partnership with Korean battery supplier LG Energy Solution, the companies said Monday. Honda and LG said they will invest $4.4 billion in the project, which will produce batteries for Honda and Acura EV models manufactured in North America. The companies did not announce where they would build the plant, although the Nikkei business newspaper reports they are considering Ohio, home to Honda's main factory. The news came as the U.S. encourages more U.S. battery and EV manufacturing, with EVs assembled outside North American ineligible for tax credits under the $430 billion climate, health care, and tax bill President Biden just signed.

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