HomeEuropeStellantis, Samsung to invest $2.5 billion in Indiana EV battery plant

Stellantis, Samsung to invest $2.5 billion in Indiana EV battery plant

Stellantis emblem displayed on a cellphone display is seen with a few of the firm manufacturers logos displayed within the background on this illustration photograph taken in Krakow, Poland on December 7, 2021.

Jakub Porzycki | NurPhoto | Getty Photographs

Automaker Stellantis plans to speculate greater than $2.5 billion in partnership with Samsung SDI to construct the automaker’s first U.S. electrical car battery manufacturing facility

The businesses on Tuesday introduced the brand new plant will probably be situated in Kokomo, Indiana, the place Stellantis already has a provider base. It is also centrally situated to a number of of its car meeting vegetation within the Midwest.

Stellantis stated the brand new facility will provide lithium-ion battery modules for a variety of autos. Plant development is scheduled to start later this yr, with manufacturing projected to launch within the first quarter of 2025. The plant is predicted to create 1,400 new jobs.

The brand new facility is a part of Stellantis’ purpose to realize worldwide annual gross sales of 5 million battery-electric autos by 2030, bolstered by a plan to speculate $35 billion in electrification and supporting applied sciences by 2025.

The power, which will probably be operated via a three way partnership, provides to a wave of tens of billions of {dollars} introduced by automakers lately for U.S. manufacturing of electrical autos and batteries to energy them.

Hyundai Motor on Friday confirmed plans to spend $5.54 billion to construct its first devoted electrical car and battery manufacturing amenities in Georgia. Others, akin to General Motors, Ford Motor and Volkswagen, have introduced related U.S. investments.

The latest commitments are notable wins for the Biden administration, which has been urging firms to ascertain electrical car provide chains and manufacturing within the U.S. relatively than abroad. President Joe Biden final yr set a goal for EVs to characterize half of all new auto sales in the country by 2030.

Stellantis beforehand introduced plans for 5 battery vegetation, or gigafactories, in Europe and North America. In March, Stellantis and LG Power Resolution stated they would invest $4.1 billion for a three way partnership plant in Canada that’s anticipated to return on-line in 2024.

Stellantis – the world’s fourth-largest carmaker – was fashioned by the merger of Fiat Chrysler and France-based Groupe PSA in January 2021. It has 14 particular person auto manufacturers, together with Alfa Romeo, Chrysler, Dodge, Fiat, Jeep and Peugeot.



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