Honda and LG Energy's investment comes as the U.S. looks to expand the country's EV production. The companies are reportedly considering building in Ohio.
and LG Energy Solution will invest $4.4 billion through a joint venture to establish a new lithium-ion battery factory in the U.S. to power Honda and Acura electric vehicle models.
The plant, which will aim to have an annual production capacity of approximately 40 gigawatt hours, is expected to begin construction in early 2023 with the goal of mass-producing advanced lithium-ion battery cells by the end of 2025. The pouch-type batteries produced at the new JV plant will be supplied exclusively to Honda facilities in North America.
Though the official location for the plant has not been finalized, the companies are considering Ohio, according to Nikkei.
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Leaders hope Honda chooses Ohio for $4.4 billion battery factory, but some worry HB6 scandal could be factorOhio could possibly get another billion-dollar tech factory after Honda and LG Energy Solution announced Monday that they were looking to build a new electric vehicle battery factory.
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