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Market news · Nov 9, 11:21 AM ET

Honda to build $3 billion Ohio auto plant for 240,000 vehicles a year, starting in 2029

Honda plans a new $3 billion auto plant in Central Ohio with planned annual capacity of 240,000 vehicles and production expected to begin in 2029, pending final government approvals. For US investors, the project adds to Honda's North American footprint, ties into the company's hybrid push, and carries trade-policy risk that Honda's own executives have flagged.

By Flash Finance US desk (written with AI assistance) · Editor: Kokila

Honda Motor plans to spend about $3 billion on a new auto assembly plant in Central Ohio, according to a joint announcement by Ohio Governor Mike DeWine, Honda, JobsOhio, One Columbus and Union County. The company said the plant will have planned capacity of 240,000 vehicles a year and is expected to employ more than 2,000 people. Honda also described the project in a filing with the U.S. Securities and Exchange Commission on the same day.

Plant details and timing

The new facility will sit on land between Honda's existing Marysville and East Liberty auto plants. It will be Honda's fourth auto plant in Ohio. Production is expected to start in 2029, but the company said that timeline depends on final government approvals, and the start of construction is also pending those approvals.

Honda said the plant will be built for flexibility. It can produce multiple vehicle types and powertrains, including hybrid, gasoline-powered and battery-electric models. In its SEC filing, the company tied the investment to growing customer demand for hybrid vehicles in North America.

Wider Ohio commitment

The plant is part of a larger package. Honda said its total new commitment in Ohio covers 2,390 jobs and $3.38 billion in investment. The additional pieces include:

  • Retooling of Honda Transmission Plant-Ohio in Russells Point to build two next-generation hybrid systems, which the company said will raise Ohio's hybrid system output by 250 percent in the coming years.
  • Designation of that transmission plant as the lead site for a new hybrid system for larger models.
  • A new production line at the Anna Engine Plant for a next-generation four-cylinder engine, plus an expanded on-site parts consolidation center.

Honda's Ohio operations already employ more than 15,000 people, according to the release, and the company has invested more than $15 billion in the state since 1979.

Incentives and what is still open

The Ohio Tax Credit Authority approved a tax credit for the project on the morning of the announcement. Honda also plans to seek assistance from JobsOhio, but the amount will only be made public after a final agreement is signed. The company has not yet disclosed that figure.

Honda Executive Vice President Bob Nelson said in the release that the investment reflects the company's commitment to building products close to its customers.

Why US investors may track this

The project matters to investors in several ways. Honda's American-listed shares trade as HMC. The plant is also a significant addition to the Ohio auto supply chain, which JobsOhio says includes more than 750 original equipment suppliers across North America that work with Honda.

Honda MotorJobsOhioOhioauto manufacturinghybrid vehiclesUSMCA

Sources

Written with AI assistance on Nov 9, 11:21 AM ET from the reports listed under Sources, and reviewed by our editor after publication. Before it was published, every figure was checked against those reports, and passages with figures that could not be found there were left out. It can still contain mistakes: read the sources before acting on anything. How we review. Not investment advice.