Honda and LG Energy Solution (LGES) recently held the official ground-breaking ceremony for a new joint venture electric vehicle battery factory near Jeffersonville, Ohio.
The plant in the midwestern state of the United States will be more than 2 million square feet and is expected to be completed by the end of 2024. The goal is to reach an annual production capacity of about 40 GWh and joint venture will supply lithium-ion batteries to Honda plants in North America.
The two companies have committed to invest US$3.5 billion (RM15.7 billion) in the joint venture facility, with total investment expected to reach US$4.4 billion ($19.7 billion). RM).
The location of the Joint Venture was announced in October 2022 and was officially established in January of this year. The plant aims to begin mass production of pocket lithium-ion batteries by the end of 2025, to exclusively supply Honda plants to produce electric vehicles for North America.
Honda also announced plans to invest $700 million (RM3.1 billion) to retool some of its existing car and powertrain plants in Ohio to produce electric vehicles. The Japanese automaker plans to start producing and selling electric vehicles in North America in 2026, based on the new Honda e:Architecture. Its goal is for BEVs and fuel cell electric vehicles (FCEVs) to account for 100% of vehicle sales by 2040. Honda also has a EV joint venture with General Motors.
