They said construction would begin in early 2023 with mass production of the advanced lithium-ion battery cells by the end of 2025.
The factory aims for a production capacity of approximately 40 GWh per year.
Neither company specified where the plant would be built, but sources told the Wall Street Journal it would be built in Ohio.
Honda already has an auto factory in Marysville, Ohio, built in 1982, that produces the Honda Accord sedan and coupe, plus the Acura TLX and ILX, for customers in more than 100 countries.
Honda entered the EV market later than its competitors, saying more than a year ago that it planned to produce only EVs. By 2040, the Japanese automaker plans to switch completely to electric and fuel cell vehicles.
US EV battery factories are growing
Several battery plants are being built in the US as automakers race to ensure they have steady supplies.
According to the Wall Street Journal, Panasonic could invest $4 billion in building a second EV battery plant in the US.
The Japanese company supplies batteries for Tesla
( and is considering building the plant in Oklahoma, sources told the WSJ.
A battery factory in Oklahoma would benefit Tesla as it has a factory in Austin.
In July, Panasonic said it would spend $4 billion to build a battery plant in Kansas. Sources told the WSJ that the two plants would be similar.
Panasonic already operates a battery factory with Tesla in Nevada.
( plans to open a $2.6 billion battery plant with LG Energy Solution in Lansing, Michigan.
In May, Stellantis
( said it entered into a joint venture with Samsung SDI to build its own $2.5 billion lithium-ion battery factory.
The plant will be built in Kokomo, Ind., and production is expected to begin in 2025. The initial annual production capacity is 23 gigawatt hours.
In 2019, BMW said it was doubling its high-voltage battery production capacity at its Spartanburg, SC plant. The batteries are used for the plug-in hybrid models of the new BMW X5 and BMW X3.
Ford last year
( and SK Innovation, a Korean battery supplier, have formed a joint venture to produce 60 GWh annually in traction battery cells and array modules.
Ford also has three battery plants in Kentucky and Tennessee that are part of the joint venture between Ford and SK.