Honda and LG Energy Solution (LGES) recently held an official groundbreaking ceremony for a new joint venture EV battery plant near Jeffersonville, Ohio.
The plant in the US midwestern state will be over two million square feet in size, and is scheduled to be completed by the end of 2024. The aim is for approximately 40 GWh of annual production capacity, and the JV company will supply lithium-ion batteries to Honda’s North America factories.
The two companies have committed to invest US$3.5 billion (RM15.7 billion) in the JV facility, with their overall investment projected to reach US$4.4 billion (RM19.7 billion).
The location of the JV was announced in October 2022, and was formally established in January this year. The plant aims to start mass production of pouch-type lithium-ion batteries by the end of 2025, to be provided exclusively to Honda plants to produce EVs for North America.
Honda has also announced plans to invest US$700 million (RM3.1 billion) to re-tool several of its existing auto and powertrain plants in Ohio for production of EVs. The Japanese carmaker plans to begin production and sales of EVs in North America in 2026, based on the new Honda e:Architecture. Its goal is for BEVs and fuel cell electric vehicles (FCEVs) represent 100% of vehicle sales by 2040. Honda also has an EV JV with General Motors.
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