LG Energy Solution and Honda Motor Co. today announced the formal establishment of the joint venture which will produce lithium-ion batteries for electric vehicles produced by Honda.
The joint venture will begin construction of a new battery plant early this year with the goal of completion by the end of 2024 and starting mass production of advanced lithium-ion battery cells by the end of 2025.
The plant aims to have an annual production capacity of approximately 40GWh. All batteries produced by the new JV will be supplied exclusively to Honda plants in North America to power battery-electric vehicles sold in North America.
The new plant will be located approximately 40 miles southwest of Columbus in Fayette County, near Jeffersonville. LG Energy Solution and Honda have committed to investing $3.5 billion and creating 2,200 jobs to establish the new production facility.
The companies’ overall investment related to the joint venture is projected to reach $4.4 billion.
