Houston Honda dealerships learned of a new US EV battery plant plans along with Houston auto shoppers in a joint press release announcing a new deal LG Energy Solutions (LGES; KRX: 373220), a Korean battery giant and the manufacturer Honda Motor Co., Ltd. (NYSE:HMC).
For Houston Honda dealerships this joint venture (JV) between the battery and automotive giants is very good news as it means an increased domestic supply and more timely delivery of vehicles using lithium batteries as their sole electric or a hybrid power source. While Honda does not currently offer an all electric vehicle in the American market, it plans to begin selling the new all-electric SUV, Prologue, in 2024 and is targeting offering only all electric vehicles by 2040.
In a press release announcing the new manufacturing investment, projected to be a staggering $4.4 billion (US), Youngsoo Kwon, Chief Executive Officer at LG Energy Solution said, “Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market…”
For Houston Honda dealerships such as Gillman Houston Honda the announcement is another indication of the auto manufacturer’s commitment to produce products that meet or exceed customer expectations while helping move the company towards its strategic goal of complete carbon neutrality by 2050. The company, which globally delivers over 30 million products to consumers annually, already manufactures vehicles such as the Hybrid Accord sedan, Acura TLX, CR-V and Acura Integra in its Maryville, Ohio plant, has not selected a site for the new joint venture battery factory. Unconfirmed rumors are that a Texas location, possibly in the Austin or San Antonio areas, is being considered. Adding domestic lithium battery manufacturing should speed the production process making more inventory available to Houstonians.
As Houston Honda dealerships learn of a new US EV battery plant and move towards an all electric future you can expect greater selection, larger inventories, shorter lead times and advancements in technology that improve the entire driving experience. To see some of Houston’s best Honda dealerships click here. Click the link if you’d like to compare Honda’s offerings to Houston Toyota dealerships or Houston Nissan dealerships.