Honda and LG Energy Solutions announced a $3.5 billion investment in a joint venture battery factory in southern Ohio.
Although the exact location has not been disclosed, the factory, which is expected to employ 2,200 people, will be located in Fayette County, southwest of Columbus. The battery plant’s construction is expected to begin early next year and be completed by the end of 2024. According to Honda, production of lithium-ion battery cells will begin at the factory about a year after construction is completed.
Honda and LG are expected to invest a total of $4.4 billion in the facility, according to Honda’s announcement.
Honda will also invest another $700 million to upgrade three existing factories in Ohio to produce electric vehicles and major EV components. Honda’s Marysville Auto Plant, East Liberty Auto Plant, and Anna Engine Plant will all undergo changes. The addition of electric vehicle production at these plants, which will also continue to produce combustion-powered vehicles for some time, will result in the creation of approximately 300 jobs.
Honda has stated that by 2040, it intends to sell only electric vehicles in major markets, including the United States.