Stellantis and Samsung SDI to invest over $2.5 billion in JV
Stellantis and Samsung SDI will establish an electric-vehicle battery manufacturing facility in Kokomo, Indiana. Targeted to start in 2025, the plant aims to have an initial annual production capacity of 23 GWh, with an aim to increase it 33 GWh in the next few years.
The joint venture company will invest more than USD 2.5 billion (EUR 2.3 billion) and create 1,400 new jobs in Kokomo and the surrounding areas, according to a press release from the companies.
"Just under one year ago, we committed to an aggressive electrification strategy anchored by five gigafactories between Europe and North America," says Carlos Tavares, CEO of Stellantis in a press release. "Today's announcement further solidifies our global battery production footprint and demonstrates Stellantis' drive toward a decarbonized future as outlined in Dare Forward 2030."
The investment could gradually increase up to USD 3.1 billion (EUR 2.9 billion). The new facility will supply battery modules for a range of vehicles produced at Stellantis' North America assembly plants. The actual construction of the plant is currently scheduled to start later this year – with production operations slated to launch in the first quarter of 2025.
"We have secured a solid foothold in a rapidly growing North America EV market through the joint venture with Stellantis. We will make sincere efforts to bring satisfaction to the market with top-class quality products in the future, and we will contribute toward meeting the climate change target," says Yoon-Ho Choi, chief executive officer of Samsung SDI.
