SEOUL (Reuters) – South Korean battery manufacturer LG Energy Solution (LGES), plans to form a joint venture with Honda Motor Co. in the United States. This was reported by South Korea’s Maeil Business Newspaper, citing an industry source.

According to the newspaper, the potential JV of LGES and Honda for battery production could be as high as 4 trillion won (or $34 billion). It would have a capacity to produce up to 40 gigawatts (GWh) annually of batteries. This is enough power to power 600,000. However, the report didn’t provide details such as when the JV would start operations and a timeline.

LGES stated that they are currently discussing different ways of cooperating with automakers. This includes joint ventures. However, nothing is finalized.

Honda didn’t immediately respond to our request for comment.

LGES, LG Chem Ltd’s battery subsidiary, controls more than 20% in the global EV-battery market. LGES supplies, among others, Tesla (NASDAQ:) Inc., General Motors Co. (NYSE:) and Volkswagen.

According to LGES’ filing, LGES has battery production facilities in America, China, South Korea and Poland. It plans to invest an additional 5.6 trillion won (North America) by 2024 in order to ensure that the region can produce over 160 GWh of electricity by 2025.

It includes two new plants that were built in Ohio, Tennessee and a battery joint venture between Stellantis.

($1 = 1,186.11 won)