Construction progresses at LGES-Honda’s joint venture EV battery plant in Jeffersonville, Ohio, with the installation of the first steel beam. The $3.5 billion project promises 2,200 jobs and is slated to start mass production in 2025.
What’s Happening
The partnership of LG Energy Solution and Honda has celebrated another significant step in the construction of their joint venture EV battery plant in Jeffersonville, Ohio. This week, the first steel beam was installed at the site, indicating a noteworthy phase of the project’s development.
Why It Matters
The $3.5 billion facility investment is a substantial commitment by both LGES and Honda, with the total investment expected to reach $4.4 billion. This project demonstrates the partners’ commitment to the growing electric vehicle market and is expected to positively impact the local economy by creating 2,200 jobs. Furthermore, the completion of this facility will significantly contribute to the advancement of the electric vehicle industry in North America.
Key Points
The newly formed LGES-Honda joint venture is overseeing the construction, which remains on schedule, according to Bob Lee, CEO of the venture. “Today is an important milestone for the LGES-Honda team, for the local community, and everyone working at the site to create our new EV battery facility,” said Lee. The facility, spanning over 2 million square feet, is set to be completed by the end of 2024. Upon completion, the plant will start mass production of pouch-type lithium-ion batteries in 2025, with an annual production capacity of approximately 40GWh. These batteries will be supplied exclusively to Honda auto plants for the production of EVs to be sold in North America.
Bottom Line
The LGES-Honda joint venture continues to make steady progress in the construction of their major EV battery plant, signifying the companies’ significant commitment to the electric vehicle sector. The successful completion and operation of the facility will not only create local jobs but also foster the expansion of the EV market in North America. Future updates and employment information about the project can be found at www.lgeshonda.com.
