Honda and LG Energy are partnering on an electric vehicle (EV) battery plant, with plans to build it in Ohio.
Automakers are racing to speed up the transition to EVs, but that transition requires a massive increase in battery production. According to CNBC, Honda and LG Energy have formed a joint venture to build a $4.4 billion EV battery plant in Ohio.
The two companies will begin construction in 2023, with plans for full-scale production in late 2025.
Honda also plans to spend some $700 to retool some of its existing factories to produce EVs. The company plans to produce EVs in North America as early as 2026.