Honda Banks Another $237M Funding for its Plant Project in Ohio

CalenderPublished at February 10, 2023 by BikeJunction
Honda Banks Another $237M Funding for its Plant Project in Ohio

Honda has sealed a deal with Ohio's privatised economic development office to invest $237 million in the construction of a sizable battery factory project, which the Japanese manufacturer hopes to utilise to turn the state into its North American electric vehicle centre.

Jobs Ohio published information on the three grants on Wednesday. They consist of an economic development grant of $140 million for the plant that Honda is constructing alongside LG Energy Solution of South Korea, a workforce grant of $10 million for the project itself, and an investment of $87 million to upgrade Honda's current facilities.

In addition to the approximately $156.3 million in tax incentives and infrastructure upgrades that the state of Ohio is contributing to the project, the cash is payable over the following ten years.

The battery plant, according to officials, will be situated in rural Fayette County, roughly 40 miles (64 kilometres) southwest of Columbus, the state capital.

Including 2,200 employees through the Honda-LGES battery project and 327 jobs through Honda's retooling, Honda and LG have pledged to create 2,527 new jobs and more than $140 million in new payroll. In addition, Honda has announced that it is putting $700 million into three of its own Ohio plants and creating 300 new jobs in order to get them ready to start producing EVs and componentry.

At least $4.2 billion in capital investments have been made to the two projects by Honda and LG. According to JobsOhio, that works out to $1 invested at a rate of $17.72.

Are you searching for a new bike? Explore bikejunction & compare your choice of bike, we will help you out with a bike loan. Select your bike according to category and other specifications on Bike Junction with just one click. Follow our news section or Social Media handles to get the latest news & updates related to the bike industry in India.

Follow us for Latest Bike Industry Updates
Facebook  - https://bit.ly/BikeJunction_offl_fb
Instagram -  https://bit.ly/BikeJunction_ofl_insta
Twitter - https://bit.ly/BikeJunction_ofl_twitter
Youtube    -  https://bit.ly/BikeJunctionYUT

Previous

Next

notify img

Never miss an update

Receive latest updates from BikeJunction

Subscribe Now

Top News

Best Bikes from Honda Brand

View allView all

Other Bikes By Brand







View All BrandsView All Brands

Check On-Road Price

icon-left
icon-left
icon-left

Upcoming bike models

View AllView All