Honda (NYSE: HMC) and battery maker LG Energy Solutions announced that they are investing USD3.5 Billion to build a shared battery factory in southern Ohio. Additionally, the automaker is set to spend USD700 Million to retool three of its Ohio plants in order to make electric vehicles and manufacture components for them.
Ohio Gov. Mike DeWine said the investment would create a total of 2,527 new jobs in the state.
“It has been more than four decades since Honda first saw great promise in Ohio, and although the way we manufacture vehicles is evolving, one thing that will stay the same is the quality of our workforce and their ability to get the job done,” DeWine said in a statement. “Honda and LG Energy Solution now join a long list of companies that have looked all over the country for the best place to do business and have chosen Ohio because we have the ideal economic climate and an innovative and talented workforce. Today’s announcement is further proof that there is no better place to be right now than in the great state of Ohio.”
Electric vehicle sales are anticipated to drastically rise between now and 2030 within the U.S. and globally. Honda expects to sell only electric vehicles in major markets by 2040.