LG Energy Solution and Honda Motor Co. have established a joint venture (JV) that will produce lithium-ion batteries for electric vehicles (EV) produced by Honda.
The JV will begin construction on a new battery plant early this year with the goal of completion by the end of 2024 and starting mass production of advanced lithium-ion battery cells by the end of 2025. The plant aims to have an annual production capacity of approximately 40GWh. All batteries produced by the new JV will be supplied exclusively to Honda plants in North America to power battery-electric vehicles sold in North America.
The new plant will be located approximately 40 miles southwest of Columbus, Ohio, in Fayette County, near Jeffersonville. LGES and Honda say they have committed to investing $3.5 billion and creating 2,200 jobs to establish the new production facility. The companies’ overall investment related to the JV is projected to reach $4.4 billion.
