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The Stellantis automotive group – resulting from the merger between PSA and FCA (Fiat Chrysler Automobiles) and the South Korean battery manufacturer Samsung SDI – a subsidiary of the South Korean technology giant Samsung Electronics – will jointly invest more than 2.5 billion dollars to build an electric vehicle battery plant in Kokomo, Indiana, in the northeastern United States.
Stellantis/Samsung joint venture announced in October 2021
Last October, the two partners had already announced that they had agreed on the creation of a joint venture to produce batteries for electric vehicles, without however specifying the place where the site would be located or the amount of their investments. The South Korean news agency Yonhap had meanwhile announced that the two companies would build a factory in the United States, citing industry sources.
The construction of the site, which was to create 1,400 jobs, should start during the year and the launch of production in 2025.
Initial capacity of 23 GWh, 33 GWh eventually
The Kokomo site is expected to start with an annual production capacity of 23 gigawatt-hours (GWh), with the aim of eventually increasing it to 33 GWh. The batteries are intended for the various vehicles produced by the Stellantis assembly plants in North America.
“Total capacity could increase further to keep up with the expected increase in demand for electric vehicles from Stellantis,” the group said. This would require an investment of up to $3.1 billion.
Stellantis plans 30 billion euros of investments by 2025
To compete with other major manufacturers who have presented ambitious roadmaps in terms of sales of electric vehicles – such as Tesla – Stellantis announced last year that it wanted to invest 30 billion euros in total by 2025 in its electrification and in its software.
The group plans to build a total of five large battery factories in Europe and North America.
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Stellantis, in its electric strategy, has set a goal of more than 40% of its sales in the United States coming from electrified vehicles by 2030. On its “EV Day” in July 2021, the company named several American brands to join the electrification effort.
Sources : Stellantis, AFP
to summarize
The Stellantis automotive group – resulting from the merger between PSA and FCA (Fiat Chrysler Automobiles) and the South Korean battery manufacturer Samsung SDI – a subsidiary of the South Korean technology giant Samsung Electronics – will jointly invest more than 2.5 billion dollars to build an electric vehicle battery plant in Kokomo, Indiana, in the northeastern United States.
The construction of the site, which was to create 1,400 jobs, should start during the year and the launch of production in 2025.
The Kokomo site should start with an annual production capacity of 23 gigawatt-hours (GWh), the target being to eventually increase it to 33 GWh. The batteries are intended for the various vehicles produced by the Stellantis assembly plants in North America.
