LG New Energy and Honda Motor Co., Ltd. today announced the formal establishment of a joint venture (JV) that will produce lithium-ion batteries for electric vehicles (EVs) produced by Honda.
The joint venture will begin construction of a new battery plant early this year, with the goal of completing construction by the end of 2024 and beginning mass production of advanced lithium-ion battery cells by the end of 2025. The plant aims to have an annual production capacity of approximately 40 GWh. 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 in North America.
The new plant will be located in Fayette County, about 64 kilometers southwest of Columbus, near Jeffersonville. LG New Energy and Honda have committed to invest $3.5 billion (about 23.59 billion RMB) and create 2,200 jobs to build the new production facility. The companies’ overall investment related to the joint venture is expected to reach $4.4 billion (approximately RMB 29.656 billion).
