Honda and LG Energy are teaming up to build a $4.4 billion electric vehicle battery factory in the United States. The factory, which will be located in Ohio, is expected to create more than 2,000 jobs.
The factory will have the capacity to produce enough batteries to power 500,000 electric vehicles each year. Honda and LG Energy say that the factory will help to reduce the cost of electric vehicles and make them more accessible to consumers, especially those in the North American markets.
The factory is just one part of Honda’s plan to electrify its entire vehicle lineup by 2030. The company has already committed to investing $36 billion on electric vehicles and software over the next decade.
LG Energy is a subsidiary of LG Chem, one of the world’s largest producers of electric vehicle batteries. The company has been working with Honda on electric vehicle technology for several years.
The factory is expected to begin construction in 2023 with expected mass production of batteries by 2025.