LG Energy Solution and Honda have broken ground on their new joint venture (JV) battery plant in Ohio. When complete at end-2024, the annual production capacity will be 40GWh.
The pair will invest $3.5 billion and overall investment is projected to reach $4.4 billion. The plant, to be over 2 million square feet, will mass produce pouch-type lithium-ion batteries by the end of 2025. It will exclusively supply Honda auto plants to produce electric vehicles (EVs) to be sold in North America.
Honda also has announced plans to invest $700 million to re-tool several of its existing car and powertrain plants in Ohio. They will produce EVs using the batteries made at the new JV facility.
Honda plans to begin production and sales of Honda EVs in North America in 2026 and plans to make battery-electric and fuel cell electric vehicles represent 100% of its vehicle sales by 2040.
LGES said it plans its annual production capacity of 200GWh to expand to 300GWh by the end of 2023.
Photo: Groundbreaking for the JV’s new EV battery facility in Fayette County, Ohio.