: Stellantis, Samsung SDI plan new battery plant in Indiana

by | Oct 11, 2023 | Stock Market

Stellantis NV and Samsung SDI Co Ltd. plan to build a second U.S. battery manufacturing facility, the companies said Wednesday. The new facility will be in Kokomo, Ind. and will be part of the StarPlus Energy joint venture. Stellantis
and Samsung SDI
expect that the new plant will start production in early 2027 and have an annual capacity of 34 gigawatt hours. There is another StarPlus Energy gigafactory under construction in Kokomo that’s expected to open in the first quarter of 2025.

The joint venture intends to invest more than $3.2 billion in and around Kokomo and create 1,400 jobs. “Through construction of the second battery plant of StarPlus Energy, Samsung SDI will be establishing its largest production base for electric vehicle batteries in North America,” Samsung SDI Chief Executive Yoon-ho Choi said in a release. Mark Stewart, Stellantis’ chief operating officer for North America, added that his company’s battery ecosystem was “the foundation of our electrification strategy.”

Article Attribution | Read More at Article Source

Share This