Honda Motor Co Ltd and LG Energy Solution on Tuesday announced Ohio as the site of their planned $4.4 billion joint-venture battery plant.
The two companies had announced the plan in August but had not settled on a U.S. location. They said on Tuesday they are initially committing to investing $3.5 billion and creating 2,200 jobs but said the overall investment is projected to reach $4.4 billion.
The plant is the latest in a string of battery plants announced as automakers race to shift gas-powered production to electric vehicles. President Joe Biden praised the Honda-LG announcement, saying the companies were "committing more than $5 billion toward electric vehicle battery manufacturing and factory retooling across the state." Biden wants 50% of all new vehicles assembled by 2030 to be EVs or plug-in hybrids.
The two companies plan to begin construction in early 2023 and aim to complete the new facility about 40 miles southwest of Columbus, Ohio, by the end of 2024.
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