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Honda, LG Commit $3.5B to Build EV Battery Plant in Ohio’s Fayette County
Honda and LG Energy Solution said Tuesday that their new joint venture battery plant will be located in Fayette County, Ohio, about 40 miles southwest of Columbus. The two companies will commit to investing $3.5 billion, with the overall investment related to the JV projected to reach $4.4 billion.
The JV plans to begin construction in early 2023 and to complete the new facility by the end of 2024. The plant is slated to begin mass production of pouch-type lithium-ion batteries by the end of 2025.
Honda already has announced plans to begin production and sales of Honda electric vehicles in North America in 2026. The EV batteries produced at the new JV plant will be provided to Honda auto plants to produce EVs that will be sold in North America.
Separately, Honda said it would spend $700 million to retool Ohio plants for EV production.
- ◦Development