A joint venture established by LG Energy Solution and Honda, a Japanese car maker, has selected Ohio, the central U.S., as a new battery plant site.U.S. President Joe Biden welcomed the decision, saying, “LG and Honda’s promise of more than $5 billion is another victory for the U.S. and Ohio.”According to the U.S. media on the 11th (local time), Honda announced that it would build a factory in Fayette County, 64 kilometers southwest of Columbus, the capital of Ohio.Earlier in August, LG Energy Solution and Honda announced that they would invest a total of $4.4 billion (about 6.3 trillion won) to build a plant with a battery production capacity of 40 GWh in the U.S.Construction of the plant is scheduled to begin in the first half of next year. From the end of 2025, pouch battery cells and modules will be mass-produced. The produced batteries will be supplied to cars assembled in North America, including Honda and Honda’s premium brand Acura electric vehicle model.The plant to be built by LG Energy Solutions and Honda will provide about 2,200 jobs in Ohio. The Ohio government is reportedly discussing specific support measures for plant construction with LG Energy Solution and Honda.In a statement, U.S. President Joe Biden said, “LG and Honda’s promise of more than $5 billion in Ohio to manufacture electric car batteries and reorganize plant facilities is another victory for the U.S. and Ohio.”
President Biden also praised himself that the Inflation Reduction Act (IRA) is leading the electric vehicle manufacturing boom in the United States. The IRA stipulates that only electric vehicles manufactured in North America should be subsidized.”This (IRA) is the backbone of my economic plan,” he said. “The United States is leading the world again, and we are rebuilding our supply chain, infrastructure and manufacturing here.”Meanwhile, LG Energy Solution has decided to build General Motors (GM) and Ohio Joint Venture 1 Plant (40GWh), Tennessee Joint Venture 2 Plant (45GWh), and Michigan Joint Venture 3 Plant (50GWh). It also announced plans for five joint ventures with Stellantis, including the announcement of plans for a joint venture (45GWh) in Ontario, Canada.
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