Stellantis, Samsung SDI plan second U.S. battery plant
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Update time : 2023-07-31 13:51:24
On July 24, automaker Stellantis and South Korean battery maker Samsung SDI announced plans to open a second joint venture plant in the United States to produce batteries for electric vehicles, Reuters reported.
The companies said the deal has not yet been finalized and the location of the plant is being evaluated. In addition, the amount of investment in the plant and the number of employees will be announced at a later date. According to the parties' plan, the plant is expected to start production in 2027 with an initial capacity of 34 GWh. Stellantis CEO Carlos Tavares said in a statement, "The new plant will help achieve our ambitious goal of offering at least 25 new all-electric models to the North American market by 2030." Stellantis had announced its plans to achieve 100 percent electrification of passenger vehicles in Europe and 50 percent electrification of cars and light trucks in the U.S. by 2030. In order to achieve these goals, the company has said it wants to secure around 400 GWh of battery capacity. In 2021, Stellantis announced that it would invest $35 billion in global electric vehicle production and software by 2025, and this second battery plant with Samsung SDI in the US will be the sixth to support the company's goals. In a statement, Samsung SDI CEO Yoon-ho Choi said, "The second plant will accelerate our market penetration in the U.S." In May 2022, Stellantis and Samsung SDI said that they will invest more than $2.5 billion to build their first joint venture battery plant in Kokomo, Indiana. and are expected to start operating the said plant in the first quarter of 2025. The plant will have an initial capacity of 23 GWh, which will eventually be increased to 33 GWh. At that time, the companies said the Indiana plant will employ 1,400 people, and the investment could gradually increase to $3.1 billion. Stellantis is also building a joint venture battery plant with South Korea's LG Energy Solution in Windsor, Ontario, Canada. The plant, which will begin operations in 2024, will create 2,500 jobs and have an annual capacity of more than 45 GWh. In April of this year, Samsung SDI and General Motors announced that they would invest more than $3 billion in a joint venture battery plant in the U.S., which will come on line in 2026 with an annual production capacity of 30 GWh. The plant, also located in Indiana, will have a workforce of 1,700 employees.
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