Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 1 March 2023, 08:09 HKT/SGT
Share:
    

Source: Honda Motor Co, Ltd
LG Energy Solution and Honda Break Ground for New Joint Venture EV Battery Plant in Ohio

JEFFERSONVILLE, Ohio, Mar 1, 2023 - (JCN Newswire) - Honda and LG Energy Solution (LGES; KRX: 373220) today held the official groundbreaking ceremony for a new joint venture EV battery plant over 2 million square feet in size, to be located in Fayette County, near Jeffersonville, Ohio.

The two companies have committed to invest $3.5 billion in the new joint venture (JV) facility, with their overall investment projected to reach $4.4 billion. The facility is scheduled to be completed by the end of 2024, with plans to create 2,200 jobs, and the aim for approximately 40GWh of annual production capacity. The JV company will deliver lithium-ion batteries with cutting-edge technology to support Honda's plan to build battery-electric vehicles (EV) in North America.

The ceremony's attendees included Toshihiro Mibe, president and CEO of Honda Motor Co., Ltd., Dong-Myung Kim, president and head of the Advanced Automotive Battery Division of LG Energy Solution, Ohio Governor Mike DeWine, Lieutenant Governor Jon Husted, other members of state government and local community officials.

At the ceremony, the leaders of the new JV company, CEO Robert H. Lee and COO Rick Riggle, revealed a rendering of the new facility which will be located about 40 miles southwest of Columbus.

Rendering of the new EV battery plant

"It is an honor to represent two great corporations, Honda and LG Energy Solution, both with a long, proud history of success. LG Energy Solution is the leading battery manufacturer globally and is investing aggressively to meet demand for electrification. We are excited to embark on this partnership with Honda, a leader in the global auto industry with a reputation for quality and reliability," said Lee. "If we harness these strengths, I have no doubt our joint venture will be the most successful battery plant in the world, and we look forward to being a part of this massive transformation toward sustainability."

"We have talked a lot about the partnership between Honda and LG Energy Solution, but the communities of Southern Ohio are a part of this venture, too, and we see it not so much as a joint venture, but a tri-venture between our companies and the community," said Riggle. "We share similar values and perspectives regarding the relationship we want to have with our new workforce, and this spirit of teamwork will be key to our success."

The location of the joint venture between Honda and LGES was announced on Oct.11, 2022, and was formally established on Jan. 12, 2023. The plant aims to start mass production of pouch-type lithium-ion batteries by the end of 2025, to be provided exclusively to Honda auto plants to produce EVs to be sold in North America.

Honda also has announced plans to invest $700 million to re-tool several of its existing auto and powertrain plants in Ohio for production* of electric vehicles that will utilize the batteries made at the new JV facility. Honda plans to begin production and sales of Honda EVs in North America in 2026, based on its new Honda e:Architecture. As part of its goal to achieve carbon neutrality for all products and corporate activities by 2050, Honda has a vision to make battery-electric and fuel cell electric vehicles represent 100% of its vehicle sales by 2040.

Backed by the largest global battery manufacturing network it has established, LG Energy Solution has been carrying out its initiative to expedite the global EV transition, with its annual production capacity of 200GWh to further expand to 300GWh by the end of this year. Capitalizing on its ample R&D experience and operational expertise, LGES is devoted to providing competitive power solutions for its customers, thereby promoting the customer values and reinforcing the collective initiatives for clean energy transformation.

For more information about the joint venture battery plant, visit www.lgeshonda.com.

About LG Energy Solution

LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 25,000 patents. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co. Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit https://www.lgensol.com.

About Honda Motor Co., Ltd.

Honda Motor Co., Ltd. (NYSE: HMC) is responsible for the development, production and sales of automobiles, motorcycles, power products and aviation products worldwide. Honda now delivers over 30 million products annually through its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing about 220,000 associates globally. On a global basis by 2050, Honda is striving to achieve carbon neutrality for all products and corporate activities, as well as zero traffic collision fatalities involving Honda automobiles and motorcycles.


Topic: Press release summary
Source: Honda Motor Co, Ltd

Sectors: EVs, Transportation
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Honda Motor Co, Ltd Links

http://www.honda.com

https://plus.google.com/110355594819754396833

https://www.facebook.com/HondaJP

https://twitter.com/HondaJP

https://www.youtube.com/user/HondaJPPR

https://jp.linkedin.com/company/honda

Honda Motor Co, Ltd
Dec 24, 2024 10:18 HKT/SGT
Nissan and Honda sign MOU to consider business integration
Dec 24, 2024 09:54 HKT/SGT
Nissan, Honda, and Mitsubishi Motors sign MOU on collaborative considerations
Dec 24, 2024 09:23 HKT/SGT
GAC Honda Begins Operation of New Energy Vehicle (NEV) Production Factory in Guangzhou, China
Dec 19, 2024 11:30 HKT/SGT
Two Honda 0 Series Prototype Models to Premiere at CES 2025
Dec 19, 2024 11:13 HKT/SGT
Honda Presents World Premiere of Honda S+ Shift, Next-generation e:HEV Technology
Dec 18, 2024 16:50 HKT/SGT
Honda Presents Next-generation e:HEV Technologies at Press Briefing on Honda e:HEV Business and Technology
Dec 18, 2024 16:22 HKT/SGT
Honda to Utilize Existing Powertrain Unit Factory to Establish New Production Plant for Next-generation Fuel Cell System in Japan
Dec 3, 2024 15:59 HKT/SGT
Honda and MIE Honda HEAT Hold Rally Event Ahead of the NTT Japan Rugby League One 2024-2025 Season
Dec 2, 2024 22:08 HKT/SGT
Honda Introduces AI-powered Social Robot, Haru, to University Hospital in Spain
Nov 25, 2024 10:55 HKT/SGT
Oracle Red Bull Racing Driver Max Verstappen Wins Fourth Consecutive F1 Drivers' World Championship
More news >>
 News Alerts
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575

Connect With us: