LG and Honda break ground on new EV battery plant

Honda and battery manufacturing firm LG Energy Solution have broken ground on a new joint venture EV battery plant in Ohio, U.S.A.

The two firms have committed to invest $4.7 million in the new joint venture facility with overall investment projected to reach a total of $5.9billion. The facility is expected to be completed by the end of 2024, and will create 2,200 jobs and reach an annual production capacity of 40GWh. The plant will build the lithium-ion batteries that will support Honda's plant to build battery-electric vehicles in North America.

Honda also announced plans to invest close to $943 million to re-tool several of its existing auto and powertrain plants in Ohio for production of electric vehicles that will utilise the batteries made at the new facility. The firm plans to begin production and sales of electric vehicles based on its new Honda e:Architecture in North America by 2026. It additionally plans to make battery-electric and fuel cell electric vehicles represent 100% of its vehicle sales by 2040.