Honda has introduced a significant funding in EV manufacturing within the US

Honda has introduced a significant funding in EV manufacturing within the US

Honda has introduced a significant funding in EV manufacturing within the US

Honda introduced as we speak that it’ll make a significant funding within the manufacturing of electrical autos and batteries within the US. The corporate is the newest automaker to take this route to fulfill the necessities related to the brand new EV tax credit score.

The purpose is to make Ohio an “EV Hub” for Honda.

The funding does not seem to vary Honda’s plan to launch its first electrical automobile within the US – Prologue – Via a partnership with GM in 2024, its first electrical automobile was in-built 2026.

However now this new electrical automobile coming in 2026 can be produced regionally.

There are two fundamental elements to this advertisement as we speak First, Honda is investing $700 million to retool electrical automobile manufacturing at three crops in Ohio:

The announcement, made 45 years after Honda introduced its first manufacturing facility in Ohio – October 11, 1977 – will remodel Honda’s Marysville Auto Plant (MAP), East Liberty Auto Plant (ELP) and Anna Engine Plant (AEP). an electrified future, together with the creation of greater than 300 new jobs. Honda plans to begin producing and promoting Honda EVs in North America in 2026, primarily based on its new Honda e:Structure. The $700 million redesign will enable AEP’s companions to provide the battery case to be mixed with the JV plant’s battery modules on a sub-assembly line at MAP, after which set up the entire battery unit in each partner-built EVs. MAP and ELP.

The second a part of the announcement is a partnership between Honda and LG Power Options to construct a brand new battery manufacturing unit in Fayette County, Ohio:

Honda will purchase the battery modules from a brand new three way partnership (JV) between Honda and LGES, topic to customary closing situations, together with regulatory approvals. The JV manufacturing facility represents a $3.5 billion funding dedication in Fayette County, Ohio, and can make use of 2,200 companions who will provide Honda’s crops with EV manufacturing portfolio batteries.

Building is anticipated to start early subsequent 12 months and needs to be accomplished by the top of 2024.

The intention is to ascertain the manufacturing of “bag-type, Li-ion cells” with a complete annual capability of 40 GWh.

Take the electrical energy

Like many comparable bulletins we have seen in latest months, this one will doubtless be pushed by necessities for native EV meeting and battery manufacturing to qualify for the federal tax credit score for electrical autos.

This is a vital funding for Honda, however as I discussed in my final put up their EV timeline in North Americait could nonetheless be too little too late for the Japanese automaker, which has solely two fashions within the U.S. by 2026, one among which makes use of GM know-how.

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Honda has introduced a significant funding in EV manufacturing within the US

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