Stellantis And Samsung SDI To Invest More Than $2.5 Bln For Battery Plant In Indiana

Stellantis (STLA) and Samsung SDI announced that they have agreed to invest more than $2.5 billion in joint venture to establish an electric-vehicle battery manufacturing facility in Kokomo, Indiana.

The battery plant is set to open in 2025 and will create 1,400 new jobs in Kokomo and the surrounding areas.

The company noted that the plant aims to have an initial annual production capacity of 23 gigawatt-hours (GWh), with a plan to increase to 33 GWh in the next few years. The total capacity would increase further as demand for Stellantis electric vehicles is expected to rise.

Stellantis stated that the battery plant will support its North America electrification ambitions outlined in Dare Forward 2030 strategic plan.

As part of the Dare Forward 2030 strategic plan, Stellantis announced plans to have global annual battery-electric vehicle sales of 5 million vehicles by 2030, reaching 100% of passenger car BEV sales mix in Europe and 50% passenger car and light-duty truck BEV sales mix in North America.

Stellantis also increased planned battery capacity by 140 GWh to approximately 400 GWh, to be supported by five battery manufacturing plants together with additional supply contracts.

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