The Japanese automaker and the South Korean conglomerate’s Energy Solution branch will create a joint venture to build a plant in a “yet to be finalized” U.S. location, though people familiar with the matter told The Wall Street Journal it will be in Ohio. The companies said it will be ready by the end of 2025. (The Logic, The Wall Street Journal)

Talking point: The announcement comes after the passage of the Inflation Reduction Act, which favours North American-made EVs and batteries for price incentives and has raised concerns with South Korean government officials. The two companies said they decided to build a U.S. plant based on their “shared belief that expanding local electric vehicle production and ensuring the timely supply of batteries would put them in the best position to target the rapidly-growing North American EV market.” LG has a separate ongoing joint venture with Stellantis in Canada to build a $5-billion battery plant that’s expected to open in early 2024.