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- New three way partnership to supply battery modules in Fayette County, Ohio
- EV batteries produced at JV manufacturing facility might be equipped to Honda factories for EV manufacturing
Honda and LG Power Resolution (LGES; KRX: 373220) in the present day introduced that their new three way partnership (JV) battery plant might be positioned in Fayette County, Ohio, roughly 40 miles southwest of Columbus, the place the 2 corporations will commit to take a position $3.5 billion. and the creation of two,200 jobs, pending last authorities approvals. General enterprise funding associated to the three way partnership is anticipated to achieve $4.4 billion.
The three way partnership between Honda and LGES might be formally established in 2022, pending regulatory approvals. The 2 corporations plan to start development in early 2023, with a view to finishing the brand new manufacturing plant by the tip of 2024. The plant goals to have an annual manufacturing capability of round 40 GWh because it begins mass manufacturing of pocket-type lithium-ion batteries in late 2025.
Honda has already introduced plans to start manufacturing* and gross sales of Honda electrical autos in North America in 2026, primarily based on its new Honda e:Structure. EV batteries produced on the new JV plant might be equipped to Honda auto factories to supply EVs on the market in North America.
“In one other main step towards electrification, LG Power Resolution’s revolutionary battery applied sciences won’t solely energy Honda’s all-new electrical automobile fashions, however may even assist Ohio’s inexperienced financial system. We specific our gratitude to everybody who has performed a task in reaching this aim,” mentioned Dong-Myung Kim, Govt Vice President of Superior Automotive Battery Division at LG Power Resolution. “With our dedication to constructing the very best quality merchandise on this planet, along with Honda, we stay up for not solely creating hundreds of high quality jobs right here in Ohio, but additionally rising with the neighborhood.”
In April 2022, Honda Motor Co., Ltd. introduced that it was learning the potential for making a three way partnership for the manufacturing of batteries in North America, and that the battery manufacturing facility can be established close to a devoted electrical automobile manufacturing line to be created in North America. America. The three way partnership with LGES represents the conclusion of this technique.
“Honda is pleased with its historical past in Ohio, the place our U.S. manufacturing operations started greater than 4 many years in the past. Now, as we develop Honda’s partnership with Ohio, we’re investing in a workforce that may create the facility supply for our future Honda and Acura electrical autos,” mentioned Bob Nelson, government vice chairman of American Honda Motor Co., Inc. “We want to thank the leaders of the State of Ohio, in addition to Fayette County, Jefferson Township, Jeffersonville and the Washington Courthouse for internet hosting this new three way partnership between Honda and LG Power Resolution and giving us one other neighborhood within the ‘Ohio to name house.
This newest three way partnership announcement with Honda displays LG Power Resolution’s lately introduced medium to long-term technique to concentrate on North America, the quickest rising electrical automobile market. LGES plans to additional develop its manufacturing capability within the area, in addition to strengthen its native provide chain for key important minerals.
As a part of its aim to realize carbon neutrality throughout all firm merchandise and operations by 2050, Honda introduced a imaginative and prescient to see battery and gasoline cell electrical autos account for 100 % of its automobile gross sales by 2040.
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About LG Power Resolution
LG Power Resolution (KRX: 373220), a spin-off from LG Chem, is likely one of the world’s main producers of lithium-ion batteries for electrical autos, mobility, computing and power storage methods. With 30 years of expertise in breakthrough battery expertise and intensive analysis and improvement (R&D), the corporate is the world’s largest battery-related patent holder with over 25,000 patents. Its sturdy international community, which spans North America, Europe, Asia and Australia, consists of battery manufacturing crops established in joint ventures with main automakers equivalent to Basic Motors, Stellantis NV , Hyundai Motor Group and Honda Motor Co. Ltd. inexperienced enterprise and sustainability, LG Power Resolution goals to realize carbon impartial operations by 2050, whereas embodying the worth of shared development and selling a various and inclusive company tradition. To be taught extra about LG Power Resolution concepts and improvements, go to https://www.lgensol.com.
About Honda Motor Co., Ltd.
Honda Motor Co., Ltd. (NYSE: HMC) is answerable for the event, manufacturing and sale of cars, bikes, electrical merchandise and aeronautical merchandise worldwide. Honda now presents greater than 30 million merchandise a yr via its three product traces. Honda and its companions manufacture merchandise at greater than 60 manufacturing crops in 27 international locations, using roughly 220,000 associates worldwide. Globally by 2050, Honda is striving to realize carbon neutrality for all firm merchandise and actions, in addition to zero deadly accidents involving Honda cars and bikes.
*utilizing home and international sourced components
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