Honda Buys LG's Ohio Battery Assets for $2.9 Billion Amid EV Market Shifts

• Honda Motor Co. will acquire LG Energy Solution Ltd.'s facilities and assets from their Ohio battery plant joint venture for $2.9 billion (4.2 trillion won).
• The sale, to a Honda unit, is expected to finalize by end of February, with LG citing improved operational efficiency.
• This move comes as the US electric vehicle market faces a pullback, impacting South Korean battery makers.
• Ford Motor Co. recently scaled back its EV plans, canceling a battery agreement with LG and a US venture with SK Innovation Co.
• Honda and LG had initially planned a $4.4 billion investment in 2022 for the Ohio plant, targeting mass production by late 2025.

Why It Matters: Honda takes full control of Ohio battery plant from LG amid US EV market uncertainty.