Honda-LG Energy Solution EV battery plant to come up in Ohio
Honda and LG Energy Solution have announced that their new joint venture battery manufacturing plant will be located in Fayette County, Ohio, with an investment of $3.5 billion. The companies' overall investment related to the JV is projected to reach $4.4 billion.
The joint venture between the two companies, formally established in 2022, will begin construction of the plant in early next year to go on till the end of 2024. The plant aims to have approximately 40 GWh of annual production capacity, as it starts mass production of pouch-type lithium-ion batteries by the end of 2025.
In another major step toward electrification, LG Energy Solution's innovative battery technologies will not only power Honda's brand-new EV models but support Ohio's green economy. We extend our gratitude to everyone who played a role in making this happen," said Dong-Myung Kim, Executive Vice President of Advanced Automotive Battery Division at LG Energy Solution.
"With our commitment to building the world-best quality products, together with Honda, we look forward to not only creating thousands of quality jobs here in Ohio, but growing together with the community", he added.
Speaking on the announcement, Bob Nelson, executive vice president of American Honda Motor Co., Inc., said, "Honda is proud of our history in Ohio, where our U.S. manufacturing operations began more than four decades ago. Now, as we expand Honda's partnership with Ohio, we are investing in a workforce that will create the power source for our future Honda and Acura electric vehicles".
"We want to thank the leaders of the state of Ohio, as well as in Fayette County, Jefferson Township, Jeffersonville, and Washington Court House for welcoming this new joint venture between Honda and LG Energy Solution and giving us another Ohio community to call home", he added.
Honda has already announced plans to begin production and sales of EVs in North America in 2026, based on its new Honda e:Architecture. The EV batteries produced at the new JV plant are likely to support EVs to be sold in the region.
