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On October 25th, local time, the second round of ceasefire talks between Pakistan and Afghanistan began in Istanbul, Turkey. The talks were hosted by Turkey and held at an Istanbul hotel. The Pakistani delegation included the militarys director of operations and security and intelligence officials. The Afghan delegation was led by Deputy Interior Minister Rahmatullah Najeeb.On October 25th, Belgorod Oblast Governor Ilya Gladkov announced that Ukrainian armed forces had damaged the Belgorod Reservoir Dam. He stated that Ukrainian forces might attempt to attack and destroy the dam again. If this were to happen, several streets in riverbanks and settlements near Kharkiv Oblast would be flooded, impacting the lives of approximately 1,000 residents. Gladkov stated that local authorities have advised residents at risk of flooding to move to temporary relocation sites. The Ukrainian side has not yet responded to this request.On October 25th, Bank of France Governor François Villeroy de Villeroy warned lawmakers debating the 2026 budget that the deficit must not exceed 4.8% of economic output to ensure France can cope with its growing debt burden. The French National Assembly is currently debating a draft budget that targets 4.7% GDP growth, but Prime Minister Jean-Claude Le Cornu has said the ultimate target should be within 5%, and he is seeking a compromise with opposition lawmakers. "It is absolutely necessary to keep the deficit below 3% between now and 2029, which would imply a maximum deficit of 4.8% next year," Villeroy de Villeroy said in an interview with La Croix. He also stated that France faces the risk of "progressive suffocation" from debt and that additional deficit spending will fail to stimulate economic growth. According to calculations by the Bank of France, if debt uncertainty is reduced, a 1% reduction in the household savings rate would boost economic growth by 0.4%. However, Villeroy de Villeroy stated that the French economy has strong momentum this year and growth will be "at least" as strong as the Banks forecast of 0.7%.On October 25th, the U.S. federal government shutdown entered its 24th day. More and more federal employees forced to take unpaid leave are facing the dilemma of not being able to pay their bills or mortgages, and many are forced to queue up at food banks for assistance. Jacobs, president of the local CDC union, stated that both parties are using the livelihoods of federal employees as bargaining chips in political negotiations, and that the current chaotic situation is unprecedented.On October 25, Lizhong Group responded to investors on an interactive platform, saying that the second phase of the companys project to produce 3.6 million ultra-lightweight aluminum alloy wheels annually in Mexico, with an output of 1.8 million wheels, has now been put into initial production. The company is actively promoting the running-in of the production line and the release of production capacity, striving to achieve the goal of full production and sales as soon as possible.

Honda Motor and LG Energy will build a $4.4 billion electric vehicle battery manufacturing facility in the United States

Haiden Holmes

Aug 30, 2022 10:55

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Honda Motor Co. and LG Energy Solution Ltd. said on Monday that they will build a $4.4 billion lithium-ion battery plant in the United States for electric vehicles.


As the United States implements stricter restrictions and restricts eligibility for tax credits, a trend toward electric vehicles (EV) could intensify, and battery makers are attempting to increase production in the country.


According to the businesses, the location of the plant has not yet been finalized, but two people with knowledge of the subject have confirmed that Honda is seriously considering Ohio, where it has its largest U.S. production facility.


The companies anticipate a production capacity of around 40 GWh per year, with batteries supplied exclusively to Honda North American facilities for use in Honda and Acura electric vehicles.


Prior to establishing the facility, it is planned that the partners will form a joint venture, with construction commencing in early 2023 and mass production started by the end of 2025.


The administration of Ohio Governor Mike DeWine is working with Honda and LG to "guarantee that they choose Ohio for this significant electric battery project." According to those familiar with the issue, an announcement regarding the location could be made within the next several weeks.


The U.S. government has promoted programs to enhance domestic battery and electric vehicle (EV) production.


President Joe Biden signed this month a $430 billion climate, health care, and tax plan that bars tax credits for electric vehicles manufactured outside of North America.


Ali Zaidi, the White House's Deputy National Climate Advisor, praised Honda LG's "large investment," which he attributed to climate and infrastructure laws.


Jennifer Granholm, the United States' secretary of energy, declared that the administration was "returning domestic battery manufacture to provide Americans with well-paying jobs that will fuel the EV revolution."


California proposed a plan this week demanding that by 2035, all new vehicles sold in the state must be plug-in electric hybrids or electric vehicles.


The combination of strong local electric car production and timely battery supply, according to the two companies, will put them in "the strongest position to confront the fast developing North American EV market."


LG Energy Solution, whose primary focus is the research of lithium-ion battery materials and next-generation batteries, also offers EV batteries and has joint venture agreements with General Motors (NYSE:GM), Hyundai Motor Co., and Stellantis.


Panasonic Energy Co, a subsidiary of tech conglomerate Panasonic Holdings Corp and a significant Tesla Inc (NASDAQ:TSLA) supplier, said in July that Kansas would be the site of a new $4 billion battery plant.


Honda established a goal in January of this year to release 30 EV models worldwide and produce around 2 million EVs annually by 2030.

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