Honda and LG have announced the formal formation of a joint venture (JV) that will produce lithium-ion batteries for Honda’s electric vehicles (EVs).
A collaboration between Honda and LG
The joint venture will begin construction of a new battery factory earlier this year with the goal of completion by the end of 2024 and begin mass production of advanced lithium-ion battery cells by the end of 2025.
All batteries produced by the new joint venture will be supplied exclusively to Honda’s plants in North America to power battery electric vehicles sold on the aforementioned continent.
The new plant is located about 40 miles southwest of Columbus in Fayette County, near Jeffersonville.
The two companies have invested 3.5 billion dollars and aim to create 2,200 jobs for the new production facility.
The total investment of the companies associated with the joint venture is expected to reach 4.4 billion dollars.
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A step into the electric future
Robert H. Lee, Executive Vice President of LG, said that the company has all the factors to make this project successful, including financial stability, quality, competitiveness, production capacity with global operating experience.
“By combining the expertise of the two companies, we will provide high-quality batteries to ensure the successful launch of the Honda EV in North America,” he added.
“The formal incorporation of this joint venture between the two companies to manufacture EV batteries in Ohio is another big step in the electric future,” said Rick Riggle, former Honda plant manager.
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