Stellantis NV and Samsung SDI announced on May 24 that they have formally agreed to establish an electric vehicle battery manufacturing plant in Kokomo, Indiana.
Scheduled to start up in 2025, the plant is targeting an initial annual generation capacity of 23 gigawatt hours (GWh), with plans to increase to 33 GWh in the coming years. Total capacity would increase further as demand for Stellantis electric vehicles is expected to increase.
The new facility will supply battery modules for a range of vehicles produced at Stellantis’ assembly plants in North America. Plant construction activities are expected to begin later this year with production operations expected to begin in the first quarter of 2025.
The joint venture will invest more than $2.5 billion and create 1,400 new jobs in and around Kokomo. The investment could gradually increase to $3.1 billion.
“A little less than a year ago, we embarked on an aggressive electrification strategy anchored by five gigafactories between Europe and North America,” said Carlos Tavares, CEO of Stellantis, in a Press release. “Today’s announcement further strengthens our global battery production footprint and demonstrates Stellantis’ commitment to a decarbonized future, as outlined in Dare Forward 2030.”
Yoon-Ho Choi, CEO of Samsung SDI, added, “We have firmly established ourselves in a rapidly growing North American electric vehicle market through the joint venture with Stellantis. We will make sincere efforts to bring satisfaction to the market with first-class quality. products in the future, and we will help achieve the climate change goal. »
At the Indiana plant, Samsung SDI will apply its industry-leading PRiMX technology to produce EV battery cells and modules for the North American market. Last year, Samsung launched its premium battery technology brand PRiMX as an industry first and unveiled the brand at CES 2022 in January.
As part of the Dare Forward 2030 strategic plan, Stellantis announced plans to have annual global battery electric vehicle sales of five million vehicles by 2030, reaching 100% of the BEV passenger car sales mix in Europe and 50% passenger cars and light trucks. Composition of BEV sales in North America.
Stellantis has also increased planned battery capacity from 140 GWh to around 400 GWh, which will be supported by five battery manufacturing plants as well as additional supply contracts. This announcement is part of the long-term electrification strategy to invest $35 billion through 2025 in electrification and software globally.
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Originally posted on loaded fleet