With the advent of electric vehicles, technology companies have been making a killing. This isn’t true only for the sophisticated software found in EVs, but with the batteries, too. Indeed, battery technology has advanced leaps and bounds over the past few decades. I still remember the time when a small power bank retailed for close to $100. These days, they’re being sold for as low as $30. That said, the same is true for batteries in EVs.
Oftentimes automotive manufacturers won’t bother reinventing the wheel when it comes to batteries. Instead, they turn to experts in the field, most of the time from countries such as Taiwan, China, or South Korea. Honda is no exception, and has recently announced a partnership with South Korean tech company LG for the development of batteries. A new battery manufacturing facility for electric vehicles will be built in the United States with a $4.4 billion investment from Honda Motor and LG Energy Solution.
