Ohio's Charged Up! The 411 On Honda & LG's New Battery Plant

Car battery running? Well, you better go catch it! 🔋And by catch it, we mean don't leave your headlights on when you get out of the car, doofus. 🚗

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Honda and LG Energy are teaming up to build a brand new electric vehicle (EV) battery plant in the Buckeye state. And it's perfectly timed with the announcement of a new EV tax credit. Coincidence? We think (know) not. 😉

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Here’s Five Fast Facts on the new EV battery plant:

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1. 🤝 Big Budget Buddies - Honda Motor Co. and LG Energy's joint project will cost an estimated $4.4 billion. Construction is set to start next year.
2. ⚡ Power Up! - The plans are to produce 40 gigawatt-hours of lithium-ion batteries every year when it opens in 2025. That's a giga-LOT.
3. 💵 Extra Credit - The Inflation Reduction Act was also announced this month, and it includes a new $7,500 federal tax credit for those who buy EVs. But here's the twist: qualified vehicles must be built in North America and 50% of key battery components also need to be made in North America.
4. 🚙 Battery Powered Bandwagon - General Motors, Ford, Volkswagen, Hyundai, Toyota, and a bunch of other companies are jumping on the trend as well. This past year, these companies announced billion-dollar plans to build their own battery factories.
5. 💡 Elon's Musk - To date, Tesla has been the only high-volume carmaker with its own dedicated battery manufacturing plant in the U.S.

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🔥Bottom line: More factories mean more jobs, and another big boost for Ohio's economy. Will the state become the country's next biggest manufacturing hub? Will this new EV tax incentive have us all trading in our normie vehicles for a plug-in? Only time will tell!

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Got any charged up thoughts on this new venture?

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