May 25, 2023: GS Yuasa International and Honda Motor signed a 50-50 joint venture agreement on May 11 to form a lithium ion battery R&D company.
The move came just weeks after Japan’s government backed plans by the partners to invest ¥444 billion ($3.3 billion) in a lithium battery manufacturing plant for EVs and residential energy storage systems.
Honda GS Yuasa EV Battery R&D — the new joint venture company — will also develop highly-competitive battery production methods, the firms said.
The new firm, to be based in Kyoto, is scheduled to start operating before the end of this year, subject to receiving regulatory approvals.
Honda’s Koichi Yamamoto has been named as president of the new business. Masaaki Hosokawa from GS Yuasa International becomes vice president.
Yuasa and Honda said in January that they wanted to collaborate on developing a high-capacity, high-output lithium-ion battery.