Honda to invest $3 billion in new vehicle assembly plant in Ohio

Summary

• Honda Motor plans to invest $3 billion to build a new assembly plant near its existing facilities in Marysville, Ohio.
• The new facility is expected to begin production in 2029 with an annual capacity of 240,000 vehicles.
• The plant will create more than 2,000 jobs & is expected to focus on hybrid vehicles while retaining the capability to produce gas-powered & electric vehicles.
• This project will increase Honda's total U.S. light-duty vehicle capacity to 1.3 million units annually.
• The Ohio plant marks Honda's first new mass production U.S. vehicle assembly facility since opening a plant in Indiana in 2008.
• The announcement follows a trend of automakers including Audi, General Motors, Ford, Toyota, & Hyundai investing billions in U.S. facilities amid tariffs & logistics costs.
• Honda recently suspended an $11 billion investment plan for electric vehicles & batteries in Canada & canceled three planned EVs for the U.S. market.
• Nearly all Honda vehicles sold in the U.S., including the Acura brand, are produced in North America with more than 60% made in the U.S.
• American Honda Motor Co. executive Jennifer Thomas stated the company is at capacity & must build products locally to remain competitive.
• Thomas warned of a catastrophic scenario for the automotive industry if the U.S. & Canada fail to reach a new trade deal by year-end regarding potential tariff increases.
• Honda has built more than 33 million vehicles & more than 39 million engines in the U.S. since starting production there in 1982.
• The Japanese automaker currently employs more than 30,000 people in the U.S.