Honda and LG to Build $3.5 Billion EV Battery Plant in Ohio
Following Honda and LG’s announcement of plans to build an electric vehicle (EV) battery plant for $4.4 billion, the companies have unveiled the location for the upcoming plant.
Honda and LG Energy Solutions will build their upcoming EV plant in Fayette County, Ohio, as announced in a press release on Tuesday.
The location is roughly 40 miles southwest of Columbus, and the companies have settled on investing $3.5 billion into the factory. It’s also expected to create 2,200 jobs, depending upon final government approvals.
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“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 LG’s Dong-Myung Kim, the executive VP of the auto battery division. “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.”
The companies plan to establish the joint venture by the end of this year if regulatory approvals come through in time. Construction is set to begin in 2023, with full completion expected by the end of 2024.
The release also says the factory will have around 40GWh of yearly production capacity, with plans to produce its pouch-type, lithium-ion batteries.