Honda to Buy LG Battery Assets in Ohio for $2.9 Billion

Honda Motor Co. will buy out LG Energy Solution Ltd.’s facilities and other assets from their joint battery plant in Ohio for about 4.2 trillion won ($2.9 billion) as America’s pullback in electric vehicles continues to ripple across the industry’s supply chain.

The sale — to a Honda unit in the US — is scheduled to be finalized by the end of February, Seoul-based LG said in a regulatory filing on Wednesday. LG said the move would improve operational efficiency.

With the transition toward EVs outside of China unraveling, the outlook for South Korean battery makers is ...