Electric vehicle battery maker LG Energy Solution (LGES) and Japanese car maker Honda said they picked Ohio for their joint venture (JV) new battery plant. Total investment will total $4.4 billion, the pair said in a statement.
The JV will be formally established in 2022, pending regulatory approvals. Construction is planned for early 2023, with completion of the plant by the end of 2024.
The statement said the US facility, which will employ 2,200 workers, aims to have 40GWh annual production capacity. Mass production of pouch-type lithium-ion batteries is slated to start by the end of 2025.
The EV batteries produced at the plant will be provided to Honda auto factories to produce EVs to be sold in North America.
Honda plans to begin production and sales of EVs in North America in 2026, based on its new Honda e:Architecture.
LGES of South Korea said its mid- to long-term strategy is to focus on North America, the fastest growing EV market. It plans to further expand its production capacity in the region, as well as reinforce its local supply chain for key critical minerals.
Honda said its vision is to make battery-electric and fuel cell EVs represent 100% of its vehicle sales by 2040.
